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Topic: the international community and business world should reduce or eliminate the debts of the world's poorest countries. To what extent do you support or reject this idea.

Many poor countries in the world such as Niger, Somalia or Congo have been falling into a debt crisis. To overcome this situation, there is an idea suggesting that ‘The international community and business world should reduce or eliminate the debts of the world’s poorest countries’. This essay will clarify this affirmative opinion in terms of two reasons: opportunities for economic growth and moral responsibility.

The first reason is that if poor countries had their debts reduced, they would have more opportunities to develop their economy. Clements, B; Bhattacharya, R & Nguyen, T Q (2005, p.104), authors of Can debt relief boost growth in poor countries? state that ‘High levels of debt can depress economic growth in low-income countries’. It means that highly indebted countries have to focus on repaying a huge amount of money instead of spending to develop their economy. Therefore, if the global organisations reduce debts, they will help poor countries to solve their financial burdens and to concentrate on developing their infrastructure, increasing the GDP and the level of income. Thereby, the poor countries will become more open and integrated into the global economy. Hence, international community can take their money back when the poor countries are able to repay. In contrast, if the global organisations keep the poor countries’s debts, they may lose their money. This problem is caused by the fact that the poor countries are insolvent because of their financial inability to both repay the debts and invest in their domestic economy at the same time.

Secondly, due to moral responsibility, the international organisations should have a debt reduction for poor countries. According to Roman (2010): a journalist of the article: Top 10 poorest countries in the world 2010 (2010), Zimbabwe is the world’s poorest country with $0.1 GDP per capita because of its hyperinflation. Roman (2010) also indicates that ‘The inflation worried the country since 2007 saw the government printing 100 million dollar bills that were only good enough to buy a few eggs.’ In other words, the currency in Zimbabwe was devaluated severely, so the prices of goods increased dramatically. This situation caused a significant decrease in the purchasing power and made Zimbabweans live in poverty and undernourishment. Nevertheless, not only Zimbabwe but also other poor countries are facing famine and poverty. Andre and Velasquez’s article: World Hunger: A moral response (2010) reveals that ‘Over 1 billion people—at least one quarter of the world’s population—live in poverty. Over half of these people live in South Asia; almost of the remainder in sub-Saharan Africa and East Asia.’ These above statistics indicate that while the majority of the world’s population is living in prosperity and happiness, the rest have poverty. Therefore, it is a moral action when the world community has debt reduction for poor countries so that these countries have chances to develop their weak economy and have a better life.

In conclusion, this essay supports the idea that the international community should have debt relief for the world’s poorest countries as a moral responsibility and for economic development opportunities and moral responsibility. Thus, it is an appropriate time to help the poor countries out of poverty and establish a stable economic foundation for the future.