Africa: Debt robs Africa of social spending, retards growth

Activists meeting at the World Social Form (WSF) in Dakar, Senegal, criticised creditors for perpetuating a system of dominance on African countries through debt. Scarce resources are used to service debts at the expense of expenditure of social services in a continent lagging behind in meeting its commitments towards the Millennium Development Goals (MDGs). The meeting, held on 9 February 2011, which was hosted by Jubilee South, The Committee for the Abolition of Third World Debt (CADTM), African Forum and Network on Debt and Development (AFRODAD) and a host of other groups focused on debt, took place under the theme, 'Debt Crises and IFIs in Africa and Globally'.