VULTURES, HYENAS, And Third World Debt

Today, per capita GDP for Sub-Saharan Africa is 200 dollars smaller than it was in 1974, a decline of nearly 11% over a quarter of a century. This evolution is especially worrisome if we considerthat Africa was already extremely poor in 1974. . . . The African growth performance is dismal in absolute terms, but it is worse if we take into account that, during this same period, the rest of the world has been growing at an annual rate of close to 2%. In 2005, for example, the IMF determined that Zambia was eligible for a $2.5 billion in debt relief [loan], (11)
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