The total of foreign debt of less developed countries LDCs is sogreat that only a modest part of the interest and principal due is everlikely to be paid. The dilemma of the situation is that further capitalinflow is necessary for growth and poverty relief, but is unlikely to begranted because of nonservicing of existing debt and governmentalinstability within the LDCs. Christian commentary on LDC debt is sooften simplistic, condemning lenders and urging forgiveness of principaldue and interest, writedowns of loans and lower interest rates. Inaddition to the moral and humanitarian issues raised, due weight shouldbe given to financial and economic analysis. A statement issued by thePolitical Commission for Justice and Peace provides a model of Christiancomment on the eventual solution of the debt crisis, outlining ethicalprinciples concerning the assistance wealthier countries should extendto LDCs, disclaiming technical recommendations as the Churchs role, andcalling upon industrialised countries to draw up fresh plans forcoordinated assistance for LDCs, while stressing that the latter shouldput their houses in order.
International Journal of Social Economics – Emerald Publishing
Published: Apr 1, 1991
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