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Monday, 06 February 2012

Uncovering the root causes of debt in developing countries

According to the latest research by Eurodad, more than 2/3 of bilateral debts cancelled between 2005 and 2009 were a result of export credit guarantees.  Consequently, significant portions of aid funds found their way from aid budgets into the coffers of Export Credit Agencies, institutions that seek to support export industries in their home countries, cutting the availability of much-needed resources for poverty eradication.  
The results appear to suggest that export credit guarantees are at the root of most developing country debt owed to European governments. Following the assessment of debts owed by developing countries to four European countries, one of the important findings of the study is that almost 80% of poor countries' debts are not a result of development loans, but rather of export credits.

Source: Eurodad

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