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The Argentine minister of Education, Science and Technology, Daniel Filmus, says that Latin American countries should convert more debt into investments in education.
Argentina just recently did that with approximately US$ 100 million it owed to Spain.
Filmus pointed out that Latin America is one of the world's worst debt-ridden areas.
"The foreign debt in Latin America is 31% of GDP. Out of 23 countries, 12 of them pay more on debt than they invest in education," he declared.
Filmus made his comments at a seminar on converting debt into investment in education sponsored by Brazil's Ministry of Education.
With regard to Argentina and Brazil, he said that both countries pay more on debt than they spend on education and health.
That was money that could be spent on infrastructure and books, for example, he added.
"We need to set up oversight committees to ensure that monies from conversion mechanisms are really spent on education," he declared.
ABr - www.radibras.gov.br
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