Bono’s contributions to Third World Debt 

The name of Paul David Hewson, generally known as Bono is very actively associated with the cause of Third World Debt.

This great personality was born and brought up in Dublin which is situated in Ireland and then went on to attend the Mount Temple Comprehensive School where he was also fortunate enough to meet his life-partner and also the other members of his Irish rock band, U2 of which he is credited to be the lead vocalist.

The credit of the rebellious tune of the U2 band also goes to Bono and he is known all across the globe for his social, political and religious themes.  

The issue of debt is becoming a serious concern on a global level. Debt relief is said to have be a major concern and with the present state of affairs, is coming down to moral issues.

It is not considered wise to address 41 of the most impoverished to clear of the debt of approximately $200 billion which they had seemed to accumulate in the span of last 30 to 40 years. The second issue is that it is not fair enough to ask for a repayment and that the burden of paying the interest really make the nations go weak and they fail to improve their standard of living.

However at the Annual Meeting of the World Economic Forum which was held in Switzerland, Brian Eno had explained to Bono what happens if the debts are forgiven and how the country ends up back in debt but the latter has claimed that certain strict rules and conditions can forbid such consequences.

In fact it was Bono who also started the job of questioning the morality of poor nations how to repay the loans after the 1985 Live Aid Concert which received more than $200 million for the purpose of giving aid to Africa.

Soon after this when Bono and his wife Ali visited Ethiopia they came to know how the huge sum raised during the concert was depleted with a short span and also became aware of interest payments.  

After a few years Bono came to know of the Jubilee movement and took immense interest in it as it was said to be a movement related to that of debt-relief. He was more than attracted to the idea of putting getting on with a new beginning and encouraged the movement wholeheartedly.

With the passage of time, Bono also became a solemn supporter of debt relief and also made use of his celebrity status to publicize the cause. With the matter of gaining more credibility as a serious advocate, he also began the promotion of his campaign.

It has been remarked by a top economic adviser Gene Sperling in regards to Bono that he “is exceptional not in his knowledge and his commitment but in his desire to work in a strategic and practical way’.

It is inevitable the efforts of Bono have been able to win the strong support of both his fans and activists and is going a long way in addressing debt relief concerns and bringing it to public notice because of his iconic status.