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Discussion 3: How effective are the Western approaches of debt relief and economic aid to promote economic development and entrepreneurship in Africa? Based on research

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Discussion 3: How effective are the Western approaches of debt relief and economic aid to promote economic development and entrepreneurship in Africa? Based on research found by the United Nations Development Program (UNDP) and other sources many western civilizations such as France, Great Britain and the United States have somewhat continued to prolong the economic crisis throughout the developing countries in Africa. Due to efforts such as debt aid, it appears that the western world is intensifying the developing countries in Africa reliance on outside forces. Through dept aid, international institutions such as the World bank alongside leading countries, primarily France and the United States, have loaned African countries large sums of money in hopes of showing that the developing countries will pay back their loans as well as to continue building the economy at a quicker pase. This has been proven ineffective based on an example from 2002. During this year, Africa was loaned a total of $540 billion dollars and paid back $550 billion by the end of the year. However, the overall majority of the countries still owed a total of $293 billion dollars during that same year. It appeared that this debt consumed a huge sum of foreign exchange earnings which eventually led to further poverty increases. Another flaw with debt relief is the influence of dictatorships throughout Africa. While money is being invested into the country in hopes of being used towards the large sum of natural resources that the land is capable of providing and producing for the international market, the funds do not always get put to their intended purposes. Because of international law towards state sovereignty, outside nationals can not control the government or their spendings. Since outside western countries can not control spending and the increasing debt towards the foreign

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