Western powers use debt to hold sway over their former colonial empire

 

The tragic history of being saddled with debt repayments has meant African nations are encouraged and are often forced to “prioritize debt repayments over important investments, affecting their progress toward achieving sustainable development goals.” This is according to the October 8 edition of Business Insider Africa.

Achim Steiner is head of the United Nations Development Program. He recently spoke at an event in Hamburg, Germany, and stressed that increasing financial resources is “absolutely central” to achieving sustainable development goals.

According to Reuters, Steiner noted how this financial strain makes it difficult for countries globally to meet these goals. “For many, least developed countries, they have been priced out of the financial markets.

They cannot borrow any more money,” said Steiner, reported Reuters. He added that these countries must draw down other spending, like healthcare and education, to avoid debt default. “It’s a very extreme situation.