International Debt
Oblates work in many countries where international debt is fueling poverty. The Oblate JPIC Office works closely with Jubilee USA, a network of organizations and individuals dedicated to achieving meaningful debt cancellation for heavily indebted countries.
Debt cancellation is an essential first step in eliminating extreme poverty. Visit Jubilee USA to see how you can help! Jubilee USA is pressing for passage of the 2008 Jubilee Act H.R. 2634 / S. 2166, a measure designed to cancel World Bank debt to the poorest countries.
The burden of international debt continues to deepen poverty in poor countries. Most heavily indebted nations spend more on debt servicing than on public services, robbing their citizens of health services, education and clean water. Debt cancellation saves lives and reduces poverty.
- Most African governments spend US$3 dollars per person per year on health and education and US$17 per person annually on debt repayment.
- Rainforest destruction and natural resource exploitation are intensified by the need of indebted countries to meet their payments.
- Most countries have re-paid what they borrowed several times over. High interest rates and penalties incurred decades ago caused their debts to balloon beyond reason.
- Debt cancellation in 2005 for the poorest countries has led to increased spending on health and education, making a real difference to the poor.
Debt cancellation is a necessary step to achieving the Millennium Development Goals. The MDGs were agreed to in 2000 by all nations with a target date of 2015 to eliminate extreme poverty by dealing with its underlying causes.
Debt Resources & Policy Links
Research Institutes/NGOs:
- Jubilee USA
- Action Aid
- Bank Information Center
- Christian Aid
- Development Gap
- EURODAD
- IFI Watch Net
- InterAction
- International Cooperation for Development & Solidarity (CIDSE)
- New Economics Foundation
