Eritrea stands out, despite a strong grip on power by the countrys - TopicsExpress

Eritrea stands out, despite a strong grip on power by the countrys sole party, Peoples Front for Democracy and Justice, for one distinct principle that has **managed** to persist above the pressure of both internal and global politics. This principle is a strong commitment to self-reliance and virtually zero debt. Given the unsustainable cheap price of credit over the last several years, this is of specific interest. But, if one examines the context of credit in Africa, a clearer picture emerges. Africa currently spends about $15 billion a year on **debt** repayments, mostly from loans given by international agencies. In addition, for every $1 that African countries receive in grants, they pay back $13 in interest on debt. Without going into the history of this debt crisis, it is sufficient to say that prudence and a long-term perspective on sustainable growth were not at the forefront of policy makers and government leaders. dehai.org

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