How did these nations get all the foreign debt? The same way we did - our leaders. Massive drain on GDP? Yup - just like ours. So why should theirs be cancelled? All that'll do is make the next lot of debt more expensive as the markets factor in the odds of default.
Export of raw materials? Rather like Australia, Brazil, Saudi Arabia... China and germany export manufactured goods. Is this wrong too?

These countries should be treated as equals. Show they're sorting things out and they will be able to get funding in the bond market. Get a decent credit rating and debt will decrease in cost. Embezzel / kill your own citizens and remain in the dark ages.