Debt Audits and the Repudiation of Odious Debts Boyce, James K and Ndikumana, Leonce CAPITAL FLIGHT African countries continue to rely on external borrowing to fill their resource gaps in financing development. By 2010, the total stock of external debt outstanding for the continent stood at $297 billion and its annual debt service bill was $22 billion. To the extent that debts are used for productive purposes, the direct and indirect returns for the debt-financed investments should enable the debtor countries to honor their debt obligations. In practice, however, foreign loans are often either squandered on ill-designed projects or even worse embezzled to finance private wealth accumulation in offshore centers. Association of Concerned Africa Scholars Geneva 2012 2012 Text 6p. http://iffoadatabase.trustafrica.org/iff/debt_audits_and_the_repudiation_of_odious_debts.pdf 2012.