CIAO DATE: 08/04

Africa's Debt & Iraq's Debt - Washington's Double Standard

Abstract

This week when the World Bank and International Monetary Fund (IMF) hold their annual spring meetings in Washington, DC, Africa's debt crisis will hardly appear on their agenda.

As these wealthy and powerful institutions mark their 60th anniversary, the U.S. and other rich countries that control them will again this week refuse to address the massive burden of illegitimate debt that African countries face. At the same time, however, the Bush Administration has been actively pursuing the cancellation of Iraq's $120 billion debt as a means to support that country's supposed transition to democracy.

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