Cancellation of developing world debt is a step in the right direction for making each nation more productive and promoting advancement. The concept of having a developing world is a bad one because we are a global society at this point, and nations need to cooperate and work together for global advancement, not continue racking up debt against one another and keeping countries poor or economically unstable. Everyone needs to learn to share so everyone can become more productive.
Developing world debt crushed their economies. Many developing nations have had their resources taken by developed nations, or have their natural resources in the hands of foreign interests. Their cultures and political structures have been compromised by colonization and wars. Canceling debts would give these countries a chance to rebuild their economies.