two children of primary-school age is not in school and African governments transfer four times more to foreign creditors in debt payments than they spend on the health and education for their citizens. Third World debt continues to increase. By December of 1997, the third world foreign debt exceeded two trillion dollars. It is estimated that several hundred of billions of dollars more have been added since 1997 (Hanson 7-10).
An article by Moeletsi Mbeki published in New Statesman supports Colgan. Mbeki writes that one of the little-known facts about Africa is that it is a major exporter of capital. The World Bank estimates that by 1990, 39 per cent of Sub Saharan Africa's private wealth was held outside Africa. He suggests that the most effective way to keep Africans poor is to continue loaning money to political elites that suppress economic development, economic liberalization and democratic reforms. Instead, it is imperative that African leaders be held accountable for the loans made to their governments (Mbeki 12-15).
According to an essay published by the World Bank online, the World Bank is the largest external source of funds for Africa. The World Bank works with the international development community to finance, coordinate, and imp
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