The worlds developing nations vowed on Wednesday to push debt relief for Africa, saying rich countries and lenders must boost efforts to pull the worlds poorest continent out of its economic spiral, reports the World Bank press review.
The Non-Aligned Movement, whose 115 members form one of the largest international groups aside from the United Nations, said it would urge more aid and investment for Africa as well as more African input into decisions on their economic affairs.
– The Movement supports enhanced debt relief for Highly Indebted Poor Countries, but seeks quicker delivery of this debt relief, said one ambassador from the Caribbean.
African countries owe the International Monetary Fund, World Bank and Group of Eight (G8) industrialized nations hundreds of billions of dollars and say debt repayments are crippling them.
The G8 has agreed to extend its Highly Indebted Poor Countries debt relief program through 2006, but poor countries say this is not enough to pull them out of poverty.
By taking up the issue of debt relief for Africa, the Non-Aligned Movement is staking out new diplomatic territory for itself.
The group was formed in 1961 as a third way between the Cold War rivalry of Western and Communist blocs. While some Asian members of the group have seen rapid economic growth, many of the 53 African nations which belong to it remain among the poorest countries in the world.
Kilde: www.worldbank.org
