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Third world debt Vs Need for Technology Background and underlying concepts: Many developing countries have very large debts accumulated since the 80's, and the amount of money that they owe is quickly increasing dramatically. Trying to pay off these debts has become a serious problem for these countries, as they now owe money to commercial banks and also to organisations like the World Bank, and the International Monetary Fund, and to First World governments. During the last fifteen years around $1.3 trillion was paid by the third world countries to the developed countries in the form of loan repayments and interest on the loans. Every month around $12 billion is passed on from economically poor counties to the developed countries in debt servicing. In sub-Saharan Africa, some countries spend almost half their national budget on financing debt owed to the rich western nations. This is the reason why these counties cannot invest in...

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