Iraq's 'crushing burden' lifted; Africa still waiting

I read that the Bush administration has cancelled the $4.1 billion debt owed to it by Iraq. Russia recently wrote off almost all the debt owed by Iraq to it.

"Lifting the crushing burden of the old regime's debt is one of the most important contributions we can make to Iraq's new beginning," declared US Secretary of State Colin Powell.

So the conservative Bush administration recognizes that foreign debt a crushing burden even for a moderate income country like Iraq. Perhaps people can finally acknowledge that debt relief for far-more-poor African countries could provide a big chance for them to finally move forward economically. Debt relief combined future loans and foreign aid being conditioned on democracy and good governance, respect for human rights, respect for private property and intolerance of corruption.

The Scotsman notes that although world leaders promised $100bn in debt relief in 1999 at the G8 Summit in Cologne, only $31bn has been delivered to date.

If even the Bush administration can recognize the benefit of "lifting the crushing burden" of foreign debt, perhaps it's time for less talk and more action for the world's less 'sexy' countries.