Bono wants aid cheques cashed

2007-01-27 14:36

Davos - Governments in rich countries that promised to help Africa fight poverty and disease should come good on their offers of cash, said rock star and activist Bono on Friday.

Bono is a regular on the world business and aid circuit, campaigning for richer countries to forgive African nations' debt and help fund their future.

Meeting political and business leaders at the World Economic Forum in Davos, Switzerland, he said it was time for rich countries to come good on promises they had made to cancel the debt.

"There were some serious promises made. The cheques were signed but, as you know, politicians like signing cheques but they don't like cashing them," Bono told reporters.

At a meeting in 2005, the G8 group of industrialised nations agreed to cancel the debts of 18 low-income countries and pledged to double African aid to about $47bn by 2010.

"Two years on, it's time to take the temperature," said Bono.

"If those promises are not kept ... it will make a generation of cynics. I don't believe that's going to happen, I am optimistic we're going to get through this."

Debt from corruption

Bono said debt cancellation programmes had already opened the way for 20 million African children to go to school but there was still "lots, lots, lots to do".

He pointed to the situation in Liberia, where President Ellen Johnson-Sirleaf was working to attract aid and get relief for the country's $3.7bn debt, racked up during years of conflict fuelled by money from the sale of diamonds.

"She is trying quell civil unrest and she's got this ridiculous debt hanging over her head because of two corrupt leaders before and that is just not right," said Bono.

Liberia's ratio debt to gross domestic product is among the highest in the world, equivalent to 30 times the country's annual exports and eight times GDP - a crippling level for what was once one of West Africa's more prosperous countries.

- Reuters