MATTERS OF SCALE

A Fate Worse than Debt

Amount owed by the world's 47 poorest and most indebted nations  . . . . . . . . . . .  .$422 billion

Amount of money spent by Western industrialized nations on weapons and soldiers every 12 months . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $422 billion

Amount raised by Live Aid in 1985 to combat famine in Ethiopia . . . . . . . . . . . . . . $200 million

Amount all African countries pay back on foreign debts every week . . . . . . . . . . . . $200 million

Amount the United Nations estimates is needed annually to curb the African AIDS epidemic through education, prevention, and care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $15.0 billion

Amount African nations pay to service their debts each year
(amount paid just in interest)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $13.5 billion

Annual income per person in Zaire  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$110

Amount each resident of Zaire would have to raise to pay off the country's debt to foreign creditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$236

Percent of the Zambian budget allocated for foreign debt repayment in 1997 . . . . . . 40 percent

Percent of the Zambian budget allocated for basic social services, including vaccinations
and education .  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7 percent

Percent of debt owed by the world's most heavily indebted nations that the World Bank and International Monetary Fund can afford to cancel without jeopardizing their ability to function, according to the London-based accounting firm Vellacott and Chaney . . . . . . . . . . .100 percent

Percent of the debt that they have actually agreed to cancel . . . . . . . . . . . . . . . . . . . .33 percent

Profits made by Exxon in 2000  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $16.9 billion

Total debt burden of Benin, Burundi, Chad, Guinea Bissau, Sao Tomé, Togo, Rwanda, Central African Republic, Sierra Leone, Mali, Somalia, and Niger . . . . . . . . . . . . . . . . . . . . $16.9 billion

SOURCES: David Roodman, Still Waiting for the Jubilee: Pragmatic Solutions to the Third World Debt Crisis, Worldwatch Paper 155 (Washington, DC: Worldwatch Institute, April 2001); Jubilee 2000 United Kingdom website www.jubilee2000uk.org, viewed 17 May 2001; Jubilee U.S.A. Network website www.j2000usa.org/action5.htm; Drop the Debt website www.dropthedebt.org, viewed 22 May 2001; Joseph Kahn, "U.S. offers Africa billions to fight AIDS," New York Times, 18 July 2000.

WORLD$WATCH       July/August 2001

Close