The G-7 nations that met over this past weekend agreed in principle to support 100% debt relief for some impoverished nations. This is historic. Jubilee USA Network, a coalition of faith groups and anti-poverty organizations, released a statement that reads in part:
WASHINGTON – As G-7 Finance Ministers concluded their meeting in London today, Jubilee USA Network was encouraged that learn ministers have indicated their willingness to provide as much as 100% multilateral debt cancellation, a long time demand of the Jubilee USA Network. But the group cautioned that the plan must be broadened and that critical questions about the initiative must be addressed as the upcoming April IMF/World Bank spring meetings near.
The communiqué released by the G-7 today indicates that the G-7 have agreed in principle to “provide as much as 100% multilateral debt relief” and that the G-7 asked IMF Managing Director Rodrigo de Rato to bring proposals on how to finance debt cancellation for discussion at the April spring meetings of the IMF and World Bank in Washington.
“Though we are encouraged to hear that for the first time the G-7 have officially embraced the call for 100% multilateral debt cancellation, we insist that this plan must be actual cancellation – not just debt service relief, that it apply to all impoverished countries, and that it must come without devastating economic conditions,” said Neil Watkins, National Coordinator of Jubilee USA Network. “We will be pressuring our government to see these commitments turned into action in the coming months.”
Jubilee USA also has released a set of principles that can help make debt relief a positive reality. Click here to read their full statement and the list of principles.
Their web site also includes resources for congregations interested in this issue. This week they asked permission to include a link to the sermon I gave on Micah 6:1-8 on Jubilee Sunday and I was honored to say yes. Make sure you visit their site for all the resources they’ve put together on this critical issue.
