African Debt Crisis
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Date
1997-04
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Tangaza University College
Abstract
The Third World debt crisis has been dragging on for over 15 years'. In 1990,
the Third World debt exceeded a trillion dollars. With dimension so gargantuan, one
wonders if it is not beyond hope and repair. In the face of so many issues, why should
we look to the Third World debt? Debt is first and foremost a human problem. It both
directly and indirectly affects the lives of people all around the globe. The dignity of
persons, the sacredness of life, the bonds of community, the concern for the poor, all
this is assaulted by the debt crisis. To live responsibly as a global citizen today one
cannot ignore the extent and consequences of the global debt.
Africa is the continent most affected by the debt crisis. By November 1992,
Africa's total debt was then the equivalent to more than 100% of the continent's GNP.
Latin America's total debt, in comparison, was equivalent to 50% of her GNP. Of the
total debt servicing payment coining from Sub-Saharan Africa (excluding Nigeria)
nearly 30% of it goes to paying loans given by private banks.2
This essay is going to present a picture of the African debt problem in order to
encourage the Churches and Christians to consider the problem as a human problem
and therefore a problem which can be considered in the pastoral programmes of the
churches. Because it affects the lives of the poor. African debt crisis is a pastoral
problem to be known.
The first Chapter deals with the actual situation and an historical overview of
African Debt Crisis. Chapter two explains the causes and effects of debt problem in the
lives of the people, above all, the poor. Economic effects are presented separately in
the third chapter. The ethical aspects are considered in the fourth chapter. Can the
African debt be paid? It is a difficult question. The fifth chapter presents a possible
solutions taking into account the "worldly", Christian and social ministry approaches.
It is the goal of this paper to provide stimulation to encourage the faithful, the
church hierarchies and everyone who feels concern with the gospel of Christ to be informed about a real pastoral problem which can make the future of our generation
unbearable.
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Keywords
African Debt, Crisis, Pastoral Problem, Current Third World Crisis, Impact of Debt Crisis in African Life, Economic Effects of Debt, Ethical Implications of Debt, African Debt Service Be Met