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30 Nov 2017

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Question about English (UK)

Is there a gentle soul roaming on this earth and would be keen to help me. Could someone proofread the ending of my essay please?

Secondly, for an indebted developing country, a valuable amount of the national budget and any spare fundings is spent repaying debts. Thus there are less available money for capital investments for in other sectors - such as the public sector - which would benefit to the population by setting a developing economy.
This burden of debt can thus cause the health and education sectors to be neglected which does not fit the purpose of development. For example (3), in 1997, Zambia spent 40% of its total budget to repay foreign debts and only 7% for the health sectors (for basic services like vaccines for children). If the debt had been canceled in 1997 for twenty of the poorest countries, the money could have been spent for basic health care which would have saved the lives of about 21 million children by the year 2000, the equivalent of 19,000 children a day. The endless spiral of debts leaves the poorest countries in the world with no funds to spend on basic needs and much-needed infrastructure, leaving millions in poverty and destitution.
Finally, another obstacle to a developing economy are hedge funds. These funds are alternative investment that buy capitals from accredited individuals or institutional investors and invests in a variety of assets which includes risks. Debts wise, hedge funds buy debts and through trials, they manage to get reimbursements. A very famous hedge fund company is the one coined by Paul Singer, Elliott Management Corporation (EMC). In 2007-2008, they succeeded their investment in the Congo which is now named the Congo litigation. Indeed, this litigation might have ended with Congo’s american assets being seized if it was not for the constitutional clause used by US President George W. Bush. Consequently, debts could have led the country to lose significant assets and thus, damage their economy. Hedge funds are real threats to the developing world.

To conclude, in the light of the idiom ‘Beggars can’t be choosers’ debts is a constraint to less economically developed countries to development. Even if on a short term basis, being indebted is less of a hindrance than an assistance, on a long term basis, debts become a poisonous burden and just remains an indirect form of subsiding the economy.

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