Lyons Township High School
General Assembly ECOFIN
Topic 2: Debt Forgiveness in Africa
Mozambique believes that African Debt should be forgiven. Since Europeans discovered all of Africa in the 15th century, the continent of Africa has gone through hundreds of years of suffering due to the European influence. Just recently have African countries started to thrive again, but still most of the countries in Africa are underdeveloped including Mozambique and manu of Mozambique’s neighbors. Sure there are risks of forgiving debt in Africa. But the facts are that African countries that have had their debt forgiven have grown faster and longer than they have ever done before. Currently Mozambique is debt-distressed and the International Money Fund will not give any more funding to Mozambique. Mozambique’s Eurobonds are sharply falling and the country is sinking into more financial distress. There is hope though that this debt can be relieved. If Mozambique receives debt forgiveness it will have a chance to thrive as a country and for its economy to thrive as well, but the debt must be forgiven and Mozambique believes other African countries should receive debt forgiveness as well.