Africa : African Union Ministers of Finance and Economy Appeal for Debt Cancellation...

Discussion in 'All Things Africa' started by Aqil, May 18, 2005.

  1. Aqil

    Aqil Well-Known Member MEMBER

    Feb 3, 2001
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    New York
    African Union Ministers of Finance and Economy appealed for writing off external debts of the African continent, as they were inherited from the colonialist period and constitute an obstacle to the ambitions of their peoples for development in this millennium.

    At the end of their meeting in the Senegalese capital Dakar, the ministers pointed out in their final statement that canceling such debts will contribute to promoting the management of the African economy, remove the obstacles facing trade in the AU, and realize the goals of development strategy.

    The Ministers of Finance and Economy asserted their desire to create a mechanism to find alternative sources of finances to the AU budgets - besides member-states contributions - with a view to implement the AU development programs in all fields and the strategy of economic integration.

    In their recent meeting in Dakar, African NGOs also appealed for writing off the external debts of the African continent, emphasizing that these debts were inherited from colonialism. The appeal was included in the African Union Commission's report on African debts, which was presented to the experts of AU member states during their meeting on 4th and 5th of May 2005 in Dakar, the PanAfrican News Agency reported.

    African leaders decided in their meeting in Abuja in January 2004 to mandate the African Commission to determine a common stance on the debt problem.

    Africa has not been compensated for the era of occupation and slavery. The compensation claims for Black people are conservatively estimated at $777 trillion for the hundreds of millions murdered in history's largest and yet uncompensated genocide. Britain refused to apologize for slavery on "legal advice" to avoid compensation claims.