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Islam and Debt
Khan, Ajaz Ahmed Mould, Helen
Khan, Ajaz Ahmed
Mould, Helen
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eeq.pdf
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Abstract
The ‘debt’ of world’s poorest countries is estimated to currently stand at $2.7 trillion1. Since 1996, the world’s poorest 66 countries have paid a total of more than $230 billion between them to service their foreign debt - this amount far exceeds any aid they have received in return2. Indeed, indebted countries are paying approximately $118 million every day in interest and principal payments to rich countries - although payments far greater than the original loan amount have already been made. Indonesia, for example, has already ‘overpaid’ in the region of US$151 billion in payments - twice the level of the country’s recorded debt. This means that Indonesia has made a cumulative net transfer to the rich countries of US$138 billion to date - or 90 per cent of Indonesia’s GDP3. Debt is in one of the principal causes of poverty; it has hampered the economic development of indebted countries and has prevented them from investing in essential services such as healthcare and education. For example, Ecuador spends 47% of its government income on servicing debt and only 12% on education and just 7% on healthcare4. The reality is, therefore, that many poor countries are spending more on debt repayments that on providing the most basic needs for their own people.
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2008-04
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With permission of the license/copyright holder