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Vultures Still Circling Zambia |
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Mr. Sheehan and his company have joined the ranks of vulture funds
because of their insatiable appetite for money—money that would have
otherwise helped alleviate the disease and poverty that affect close to
7 million people in Zambia.
Such activities of commercial creditors, and the apparent lack of
legislation in countries that host such companies and their
proprietors, make it hard to forsee a global partnership [to fight
poverty], such as that envisaged by the Millennium Development Goals.
In April, a London court ordered Zambia to pay Donegal International over $15 million,
even though the judge highlighted immoral conduct by Mr. Sheehan and
his accomplices. This means that some projects aimed at alleviating
poverty will not be undertaken this year. With meager reserves at the
Central Bank, Zambia's ability to sustain its debt burden is
threatened, and the prospects of meeting the Millennium Development
Goals are at risk. For Zambia, $15 million translates to over 60
million Zambian Kwacha, which would be enough to facilitate 3 private
manufacturers of animal-drawn plows and other equipment appropriate to
and affordable for small-scale farmers (to complement the tractors for
which Zambia originally got the 1979 loan from Romania).
Donegal International's profiteering stands in the way of national
development. Its "vulture fund" activities need to be curtailed.
-Muyatwa Sitali is acting coordinator of the Debt and Trade Project at the Jesuit Center for Theological Reflection in Lusaka, Zambia.
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