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Vol 46 No 14

Published 8th July 2005

Debt and security

Starting inauspiciously with a call by host and Libyan leader Colonel Moammar el Gadaffi to African leaders 'not to beg at the doorstep to reduce debt', the African Union summit 4-5 July ended with a sweeping proposal for the write-off of all of Africa's US$300 billion foreign debt. That goes well beyond the $40 bn. poor-country debt write-off agreed by the Group of Eight (G-8) Finance Ministers on 11 June and even further than Britain's Commission for Africa, which called for a debt compact to write off 100 per cent of debt stock and servicing for all of Africa's poorest countries but excludes the wealthier oil producers such as Nigeria (which has just negotiated its deal), Angola and Algeria.

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