Democracy Gone Astray

Democracy, being a human construct, needs to be thought of as directionality rather than an object. As such, to understand it requires not so much a description of existing structures and/or other related phenomena but a declaration of intentionality.
This blog aims at creating labeled lists of published infringements of such intentionality, of points in time where democracy strays from its intended directionality. In addition to outright infringements, this blog also collects important contemporary information and/or discussions that impact our socio-political landscape.

All the posts here were published in the electronic media – main-stream as well as fringe, and maintain links to the original texts.

[NOTE: Due to changes I haven't caught on time in the blogging software, all of the 'Original Article' links were nullified between September 11, 2012 and December 11, 2012. My apologies.]

Friday, August 24, 2012

Canada waives Cote d’Ivoire’s $130-million debt

Canada is cancelling $130-million in debt owed by the Cote d’Ivoire, erasing an old tab to help the African country dig itself out from a pile of debt.

The Canadian action is part of a international effort to forgive billions in Ivorian debt as international players judge that President Alassane Ouattara is making headway in turning the country’s finances and governance around.

In June, the World Bank and the International Monetary fund judged that Cote d’Ivoire had met it economic criteria for debt relief, which could erase $7-billion of the African nation’s $13-billion debt. Canada, a supporter of G8-led debt relief initiatives since the 1990s, is now adding its part by cancelling $130-million in debt owed to Ottawa.

“Today’s announcement will allow Côte d’Ivoire to commit more resources to such needs as the health and education of its citizens,” Finance Minister Jim Flaherty said in a statement. “I would also like to reiterate our support to the Ivorian Government’s continued efforts to restore peace and stability in the country.”

The Cote d’Ivoire’s debt problems date back decades, but worsened when the country stopped making interest payments during a civil war that raged between 2004 and 2007.

Mr. Ouatarra, a former IMF economist, made debt relief a priority when took office last year after a power struggle with former president Laurent Gbagbo, who refused to recognize Mr. Ouatarra’s victory in the 2010 presidential elections.

Original Article
Source: the globe and mail
Author: Campbell Clark 

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