Africa: Repudiate Foreign Debt, CSOs Urge AU

African civil society organisations have called on the African Union to be prepared to repudiate Africa's multilateral debts, should the G8 summit scheduled for July fail to agree on a 100 per cent debt cancellation for the continent without conditions. The CSOs said that the continent spends US$15 billion to service debt in a year, and that Africa's debt stock, which currently stands at US$330, had been paid many times over.