SOLVING THE WORLD’S PROBLEMS 4: Philippine Proposal for the Millennium Campaign
Former Philippine Chief Justice Hilario G Davide Jr (presently permanent representative in the United Nations) reiterated the Philippine proposal for Debt-for-Equity arrangements to finance projects under the Millennium Campaign:
“The Philippines calls on the UN to spearhead an international campaign to change the concept of debt sustainability from ‘capacity to pay’ to ‘level of debt’ that allows developing countries like the Philippines to achieve the Millennium Development Goals without increasing debt, and where financing the MDGs is not obstructed or hampered by debt service burdens.”
Source: article by Charissa M Luci in the
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This is a very interesting series, Ren. The economic factors leave out the important human factor, and the huge imbalance between production and consumption between the US and other parts of the world (like sub-Saharan Africa) is terrible.
Thanks for the visit, Jean. What you say is true.
And, the imbalance is also within a developing country’s economy: the huge disparity among the high income bracket, the very narrow middle class, and those below the poverty threshold (i.e., production / consumption below $1 per day).