Ah, we're all so smart. The good thing about this condonation is that it will reduce some of the enormous debt that is hanging over the heads of Honduras, which dates from the 1980's when Honduras was getting "loans" in return for some really big favors.
The bad news is that now the major Municipalities are recipients of IDB and other "loans" so in about ten years Tegucigalpa and San Pedro Sula will be requesting condonation of the debts they acquired. And, if I wanted to be a real horrible pessimist, I would make the assertion that much of the money that is coming into the Municipalities is not spent on infrastructure projects, because the streets here in Tegus are about to fall apart. I look for places where the Municipality has spent a lot of money lately . . . and all I can see is a failed presidential campaign.
I actually heard the Honduran Finance Minister on CNN en Espanol saying that the great thing about this condonation is that it puts them in a better position to negotiate new loans.
It is a big mess, and it is hardly fair to point out all the mistakes, when there are no feasible solutions. The answer is for aid money to be used correctly, in a way that will empower the citizens to generate more economic activity here in the country. Like education and health care, and to stimulate small industry.
But way too much aid money is squandered on bad projects, or pilfered by politicians and contractors. And it is the failure of the lending institutions (and lending governments) to supervise and oversee the spending.
Loan sharks come in all sizes. I very much doubt that the Paris Club or World Bank are going to lose money on the deal.
Wilfredo Munguia wrote:
You are partly right on AID. I worked with AID for many many years. AID is given as a token to the country's officials to help the people of the respective countries.. Unfortunately, the people benefit probably one penny out of every dollar. The officials squander the rest. The US is interested primarily in getting the right votes at the UN so countries get AID (which goes to the reigning officials)to vote the way the US wants votes to go...
Edward Campbell wrote:I'll possibly make myself unpopular here, but I don't
approve of Aid. For me it's like saying here Africa,
here Honduras, your our pitty nations for the month.
Have some money.
I would prefer that the G8 remove their tarrifs and
quotas so that Hondurans and Africans can work
themselves out of poverty themselves.
BTW: I'm going to Honduras in February 2006.
>
> Message: 1
> Date: Sun, 12 Jun 2005 06:54:37 -0600
> From: David Ashby
> Subject: Debt relief for Honduras
>
> Honduras is included for debt relief. Note that
> anticorruption measures
> are required.
> I've seen this news before. Let's hope it's true
> this time.
> Dave Ashby
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