LOAN PROCEEDS USED FOR LUXURY
Leaders of lending nations live spartan lives
Leaders of recipient nations wallow in luxury
Debt forgiveness by lenders splurged on luxury goods
And opulent lifestyles by Leaders of recipient nations.
Debt forgiveness becoming a taboo unless the luxury items
Are procured from the same lending nations
When this occurs, the so–called development loan ends up
Developing the already developed donor nations
The debt burden on recipient nations increases while the
Cost of borrowing further impedes development of the recipient nations.