Third world debt is the money that third world countries owe to industrialized countries. These countries are struggling to pay off the debt because they are poor and there are high interest rates that third world countries have to pay back with hard currencies. It’s time to do something about third world debt.
I will help this cause by trying to educate people about causes of third world debt and the problems that result. Our community should help out, as third world debt is causing death. This campaign should raise awareness then encourage action to help the issue.
Leaders in third world countries have to make the tough decision to pay their debt off rather than paying for resources for their citizens. This causes people to live in harsh conditions and become malnourished; more of them are dying each and every day. While the industrialised countries are becoming richer, third world countries are becoming poorer. They are paying for the debts that they owe plus high interest rates and this causes them to not afford the stability of living conditions that first or second world countries have.
The developing world now spends $1.3 on debt repayment for every $1 it receives in grants. This is because the industrialised countries have implemented high interest rates and the third world countries must pay back their debt (and its interest) in hard currencies. This means, they must pay back the debt with an exchange rate applied from an industrialised country with a stable economy. Is this fair? Of course not.
As of January 2012, 39 countries had third world debt, 33 of these countries were in Sub-Saharan Africa. As a result of third world debt, third world countries have limited money to spend on resources. Consequently, 7 million children die each year from starvation. If the debt had been cancelled in 1997 for twenty of the poorest countries, the money released for basic health care could have saved about 21 million children’s lives by the year 2000. This is the equivalent to 19,000 children a day.
People in industrialised countries should know what third world debt is doing to people in third world countries and how it is inhumane. It’s time to stop more people dying! The leaders in the third world countries cannot afford to fund even basic resources because the majority of their money goes to pay off the high interest rates that were created by the industrialized countries.
Third world debt is an ongoing global issue that needs to be taken care of as soon as possible because it causes people to die. Leaders of industrialised countries must immediately remove the interest owing so the third world countries can still afford to fund basic resources for their people. In this way there is no loss to either industrialised or third world countries and the issue can be sorted out fairly. The first world countries are still going to get their money back plus whatever interest the third world countries have already paid. Third world debt causes suffering and death upon any innocent person who lives within these countries and this is why we should do everything we can to help solve this global issue.