Public debt servicing in the East African Community Corporations 1967-1975 with particular reference to the East African Railways Corporation 1967-1976

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University of Dar es Salaam
The primary responsibility for the development of the Third World countries squarely tests upon these countries themselves. But it is a truism that this development of the Third World has been depressed, slow and haphazard, confirming the fact of life today that the efforts made by the underdeveloped countries, however great they are in themselves, are still insufficient for the achievement of the development goals of these countries as expeditiously as they ought. These factors have brought home to the World community at large and to the Third World in particular the point that the underdeveloped countries require vast external financial resources from the developed countries. However this requirement has placed the underdeveloped countries into a serious debt situation because the present world economic order within which these poor countries are caught up is unfavorable to the development of these countries. These oppressive debt burdens arise essentially from the obligations imposed upon the underdeveloped countries by the system of public (external) debts and they are evident in the large and ever-expanding size of these debts, their unfavorable maturity structure and the fast growing service payments. Hence the search for a better system and strategy does show no sign of slackening and no international discussion on the world monetary system today dares ignore the question of the debt problem encountered by the Third World. This study is but a humble contribution towards such a search. It takes the East African Community Corporations as a case study. But to illustrate adequately the origin, basis and implications of the problem it has been necessary to examine not only the expressed obligations as found in the loan and other credit agreements but also the wider socioeconomic and even political conditions of the Third Word countries. It is this latter examination that reveals the fact that the process of debt servicing is but a modern method of exploitation of the Third World by the developed capitalist countries, and that normally international law is invoked in the defense of this exploitation. This is discussed in the Introduction and in Chapter One. In the last two Chapters, more details, typical of the imperialist maneuvers, are given by way of closer look at the Corporations. The study does not exhaust the subject under discussion. All it has seriously attempted to do is to select the most important materials within reach, draw general conclusions from them and provide as detailed a treatment of the subject as possible
Debts, Public, Africa, East, Corporations
Osinde, W. W. A. (1977) Public debt servicing in the East African Community Corporations 1967-1975 with particular reference to the East African Railways Corporation 1967-1976, Masters dissertation, University of Dar es Salaam. Available at