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Debt Audits and the Repudiation of Odious Debts

by Boyce, James K and Ndikumana, Leonce
Series: 2012. Published by : Geneva (Association of Concerned Africa Scholars) Physical details: 6p.
Year: 2012
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African countries continue to rely on external borrowing to fill their resource gaps in financing development. By 2010, the total stock of external debt outstanding for the continent stood at $297 billion and its annual debt service bill was $22 billion. To the extent that debts are used for productive purposes, the direct and indirect returns for the debt-financed investments should enable the debtor countries to honor their debt obligations. In practice, however, foreign loans are often either squandered on ill-designed projects or even worse embezzled to finance private wealth accumulation in offshore centers.

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