01036nam a22001217a 4500100004200000245005200042260006000094300000800154490001100162520062500173650001900798856009700817  aBoyce, James K  and Ndikumana, Leonce  aDebt Audits and the Repudiation of Odious Debts  aAssociation of Concerned Africa ScholarsbGenevac 2012  a6p.  a 2012.  aAfrican 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.  aCAPITAL FLIGHT  uhttp://iffoadatabase.trustafrica.org/iff/debt_audits_and_the_repudiation_of_odious_debts.pdf