The issue here, therefore, is not the quality and intent of the loan or of the government but the wrongful use of those funds.
Odious debt refers to money secured legitimately by an oppressive regime.
The issue here is the nature of the regime rather than whether or not the funds were actually used as intended. The presumption is that even acts that in one sense relate to economic development such as the building of roads serve to strengthen the power of the regime. Immoral debt may have a more general meaning that can address conditions under which the loan was made, the nature of the regime, and the use of the funds. In particular contexts it may take on a specific meaning. In southern Africa, e.g., immoral debt is that which was incurred by neighboring nations to South Africa to protect themselves from the oppressive regime of apartheid South Africa.