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Explain the evolution and characteristics of the debt problems of LDCs. In the light of the various steps taken by the international community, has the problem been overcome? If not suggest possible solutions.
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Explain the evolution and characteristics of the debt problems of LDCs. In the light of the various steps taken by the international community, has the problem been overcome? If not suggest possible solutions. According to Joint BIS-IMF-OECD-World Bank Statistics on External Debt, the total amount of money owed by LDCs and countries in transition was US$2,444,838 million at the end of December 2002, and it has grown steadily each year since the borrowing trend first started after the second world war. This huge figure represents an average of 57% of each country's GDP, although it varies greatly by country and region. For instance, the lowest income countries owe on average 90% of their GDP and are often obliged to try to make huge repayments on interest and capital1. This crippling debt burden is described by many as the biggest single barrier to the development process, as governments neglect service provision and...
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