Sir, - For many years Thailand has boasted of having one of the world's fastest growing economies. Yet in July this year, the baht (Thai currency) fell sharply, causing concern in every Asian stock and currency market. Financial institutions and investors in the West also saw the importance for them and their governments of acting quickly and generously to rescue Thailand.
Within a month, on August 11th, a high-powered meeting was called in Tokyo. The International Monetary Fund and several Western countries, led by Japan, agreed to give Thailand $16 billion as a loan. There were no dissenting voices. Money has not been released with such speed since the US made nearly $40 billion available to Mexico in 1995.
The situation is very different when countries in Africa need loans. Before money is handed over, years of negotiations take place. Very stringent economic reforms are put in place. Endless meetings between heads of rich governments set out details on how the money will be paid back. Generous and quick consent never seems possible.
Yes, Africa is not regarded as being of strategic importance to the West. Our foreign investment will not be affected if African currencies fall in value, as most foreign investments are outside Africa. We can live in luxury, even as we demand that debts be paid back at the expense of peoples' health, education and even, at times, their lives. What happened in Tokyo this week shows us very clearly that the resources are available to give all peoples, no matter where they live, the choices and opportunities for living a tolerable life. What we need is the political will to respond without discrimination, and we all have the responsibility to make this happen. - Yours, etc.,
Sr Barbara Raftery,
Portlaoise,
Co Laois.