(Washington, DC)— Congresswoman Diane E. Watson issued the following statement on the G-8 leaders’ decision to cancel the debt of 18 impoverished nations, 14 of which are in Africa:

“The Group of Eight’s decision to cancel the debt of 14 African nations, estimated at $40 billion, is a start, but just a drop in the bucket when you consider the total debt of the African continent, which stands in excess of $300 billion.  At present, African nations must ante up approximately $15 billion annually in debt service payments that go to the wealthy nations of the world.  This represents a massive transfer of wealth out of Africa.  As a result, many Africans will continue to forgo basic needs and services.  In truth, the continent remains pinned to an out-of-control spiraling wheel of debt.   

“The G-8 has come up short and refused to acknowledge the illegitimacy of Africa’s debt, much of it amassed during the Cold War when the two superpowers, the Soviet Union and U.S., fought their numerous proxy wars in Africa.  In contrast, the U.S. is seeking the world’s cooperation to relieve $120 billion of Iraq’s external debt because of the illegitimate and odious nature of that debt.”