Africa: Why Africa cannot spend on its citizens

Africa's debt repayments to the International Monitory Fund, World Bank and other multilateral lending institutions have choked social spending on the continent, a recent report reveals. With a combined debt standing at US$350 billion, this means whatever money comes in by way of 'aid' and 'assistance' from donor countries and institutions is meaningless and merely meant to ensure government's function sufficiently to pay off annual dues to lenders. Africa spends more than US$15b annually on servicing its debts. The report by the African Forum and Network on Debt and Development (AFRODAD) is titled 'African Debt Crisis - A Humanitarian Perspective'.