International Debt and Problems of Development

This study assesses the impact of the international debt burden on Cameroon''s development. It is revealed in the study that Cameroon embarked on external borrowing in order to meet domestic expenditure and ensure a stable and viable local economy for meaningful development. Against this background series of international loans were contracted in order to uplift the living standards of Cameroonians. The underdevelopment theory is used as the theoretical framework to guide the study and test the propositions. The findings showed that Cameroon''s international debt is a curse rather than a cure as the country devotes a greater part of its resources and revenue to the management of these loans and consequently cannot raise financial capital capable of fostering development. The study recommends the collective will of African countries to build self-sustaining local economies, reject massive expropriation of local resources and capital flight and the consequent rejection of external loans which often come with stringent conditionality meant to perpetuate underdevelopment.