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The Upstream Journal

A magazine on social justice since 1975

Posts Tagged / Natural disaster

  • Aug 03 / 2014
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Journal

Aid and debt follow natural disaster

Marcos

Bust of Ferdinand Marcos, the dictator who embezzled $10 billion. International creditors still collect payments from the people of the Philippines because of their loans to his corrupt regime.

After super typhoon Haiyan hit the Philippines, nations and charities were praised for their quick response. The United Kingdom offered more than $110 million in grants and humanitarian assistance, and the US promised $90.5 million.  They did not offer to cancel debt payments.

In 2014 it is estimated that the Philippines will have to spend $8.8 billion on debt service, almost as much as the $8.99 billion it will spend on infrastructure projects and reconstruction.

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