8/9/2019 July 2007 Resolutions to Action Leadership Conference
of Women Religious
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Atin
Refetin
to poverty reduction and economicdevelopment. Some countries
spend asmuch as 25-30% of their annual budgetsservicing debts, much
more than theyspend on health and education com-
bined. They borrow more money tocover their payments on old
debt, thuscreating new debt.
In recent years, as a result of publicawareness of debts
crushing conse-quences and the work of Jubilee, majorcreditor
nations and the multilateraldevelopment banks adopted the Heav-ily
Indebted Poor Countries (HIPC)Initiative which was designed to
lowerdebts to a sustainable and thereforepayable level. But
eligibility for debtrelief is contingent on implementingStructural
Adjustment Programs (SAPs)that include such conditions as reduc-ing
government spending and increas-ing taxes, devaluing the
currency,raising interest rates, privatizing publicservices,
dismantling trade regulations,promoting production for export,
andimposing user fees charges forservices like health clinics,
schools, andeven clean drinking water. However,too few countries
qualify and eventhose who do, still spend one and ahalf times more
in debt service than onhealth care for their country.
Therefore,
the momentum for change has shiftedfrom debt relief to full debt
cancellation.
To alleviate the vicious cycle of povertycaused by debt, Jubilee
USA is work-ing with Congress to enlist additionalco-sponsorship
and to get a hearing inthe House this year for the Jubilee Actof
2007 - HR 2634. This legislation callsfor the cancellation of debts
claimed
by the US government and IFIs for 67impoverished countries that
need itto meet the UN Millennium Develop-
ment Goals. It would ensure that debtcancellation funds go to
poverty-al-leviation programs such as basic healthcare, education,
and clean water access.It would prohibit specific harmfuleconomic
conditions that limit nationsabilities to spend money on
educationand health.
There is a provision calling on the USTreasury to adopt
responsible financing
standards to avoid the re-accumulationof unsustainable debts
such as thosecaused by vulture funds. The Act wouldalso direct an
independent agency toundertake an audit of past lending to aset of
eligible impoverished countrieswith demonstrably odious debts,
suchas Haiti or Liberia.
I s m fr w praig n n in uty
n gnrty n crtr th
dni n cr
E
ducating and advocating for debt
cancellation is one way we canrespond to Gods vision of
Jubileeproclaimed by Jesus who called us tobring good news to the
poor . . . toproclaim the year of the Lords favor(Luke 4:18-19).
This Sabbath Year, sevenyears after the Jubilee Year, 2000, is
anopportunity to reflect on the achieve-ments of the Jubilee
campaign in 2000and 2005 and to address the unfinishedagenda on
international debt thatcontinues to enslave too many countriesin
poverty and exploitation that hinder
a liberating and just life in communityand is incompatible with
the laws ofGod and humanity.
A t n vry v ers u frgv dbts. . .
Evry cretr ucnc los...
Dutrnmy 15:1-2
In his January 2007 address to the
Diplomatic Corps, Pope Benedict XVIsaid he hoped that. . .debt
reductionfor the poorest countries will be . . .accelerated . . .
and not made condi-tional upon structural adjustments thatare
detrimental to the most vulnerablepopulations.
Jubilee USAs rolling fast this fallreminds us that we are also
called byGod to fasting to loose the chains of
injustice. . .to set the oppressed free andbreak every yoke.
(Isaiah 58:6)
We know that the debt crisis today, asin biblical times, is that
the debtors paynot only with their lives, but also withthe lives of
future generations. Part ofGods creation has been diminished,
the covenant broken. Debt forgivenessis more than an economic
issue; it is amatter of fidelity to building the reignof God.
In this Sabbath Year of 2007, peopleof faith have many
opportunities toeducate, organize, and mobilize forthe jubilee
vision of right relation-
ships between people and nationsand for an end to unjust debt
andglobal poverty.If you are not already a Jubilee con-gregation
which commits to work-ing for a more economically justworld by
praying and acting for
Jubilee justice, consider enrolling.Info, worship, and study
resourcesare available at www.jubileeusa.orgAsk your Representative
and Sena-tors to support the Jubilee Act of2007 HR 2634 -which
calls for the
cancellation of the debt of impov-erished countries without
harmfuleconomic conditions attached.Participate in the
worldwide40-day Cancel Debt Fast whichis a rolling fast from
September 6to October 15, 2007. Individuals/groups will publicly
commit to fastfor a day or more from food, orTV, or some activity
-- and on thesame day to contact their Congress-persons to support
the Jubilee Act.Sign up atwww.canceldebtfast.org
Ask your Congressperson to co-sponsor H.Res. 241, the Haiti
debtcancellation resolution which urgesthe US Treasury, IMF, and
WorldBank to provide full debt cancella-tion without further delay,
so thatHaiti can use the money to fightpoverty.
Join Jubilees listserve to receiveupdates on the debt issue and
the
Jubilee movement
http://www.jubileeusa.org/http://www.jubileeusa.org/http://www.canceldebtfast.org/http://www.canceldebtfast.org/http://www.canceldebtfast.org/http://www.jubileeusa.org/
