Saturday 14 May 2005

This coming Monday, May 16 is World Debt Day.

A day to remember those in the Third World who are trapped, through no fault of their own, in a cycle of unpayable debt. May 16 commemorates the day in 1998 when 70,000 people formed a human chain around the G8 summit in Birmingham England. They were calling for debt justice for poor countries and greater accountability for past Cold War and irresponsible loans.

As a result of the international Jubilee 2000 campaign, 15 poor countries have had significant portions of their debts cancelled, since 2000. However, despite the achievements since 2000, there still remains:
  • 40 plus other poor countries not supported by the World Banks' Heavily Indebted Poor Country Initiative
  • the countries with debts cancelled still have at least 14 to 21 years of outstanding debts, and rich countries receive three dollars in debt repayments for every dollar they give in aid.
  • the 66 poorest countries still owe billion, nearly ten times more than the 50 billion in nominal debt relief given!
  • there still remains no permanent exit to the debt problem given the World Bank's Heavily Indebted Poor Country Initiative may soon end.

Why is there a need to call for governments to drop the debt?

What can one do?

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