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25 Int'l L. 557 (1991)
Debt-for-Nature Swaps: Extending the Frontiers of Innovative Financing in Support of the Global Environment

handle is hein.journals/intlyr25 and id is 569 raw text is: ARTICLES DEREK ASIEDU-AKROFI* Debt-for-Nature Swaps: Extending the Frontiers of Innovative Financing in Support of the Global Environment Tropical rain forests (TRFs) occupy approximately 3.6 million square miles, or about one-fourteenth of the earth's land surface.' These forests offer a wide variety of material goods and environmental services whose complexity and diversity have yet to be unravelled and tapped.2 Despite the great potential TRFs possess, they have received little attention until recently. Indeed, they have been overused and mismanaged, resulting in a tremendous depletion of existing fauna and flora. The failure to recognize the misuse and overuse of TRFs has led to the characterization of the problem as one of the great 'sleeper issues' of the late twentieth century.'3 It is difficult to conceive of a challenge which is more profound in its implications, and yet ignored and unappreciated by the interna- tional community until now. *Counsel, International Monetary Fund, Washington D.C. The views expressed in this article are the personal views of the author and do not necessarily represent the views of the International Monetary Fund. 1. Myers, Corporate Destruction of Tropical Forests, Bus. & Soc'Y REV., Winter 1980-8 1, at 9. 2. For example, TRFs are a sanctuary for about half the earth's 5 to 10 million species of animals and plants. Id. These species contribute to our daily well-being, especially in support of industry, agriculture, and medicine. Tropical forests are also vital in reducing the effects of erosion, ensuring regular supply of water for agricultural use, regulating climate, and supporting valuable wildlife. 3. Id.