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Issues
of Concern
Debt
relief for the most impoverished nations
Our
Corporate Stance on Debt Relief
In the spirit of Jubilee 2000, we support and join the call for cancellation
of the unpayable debt of the most impoverished countries, to be done in
such a way that it will foment investment in human development and benefit
the poor of those nations.
Why we are involved
In our 30 years of involvement with the campesinos--rural people--of Nicaragua,
we have seen the harsh burden foreign debt places on the poor majorities
of Central America. For example, interest payments on these debts are
double what the government has available to spend on education and health
care. Because of high unemployment and low wages, many families
can afford neither basic health care nor elementary education for their
children.
We are also convinced from our work in Nicaragua that it is not sufficient
to give material aid to the poor--although that is crucial after natural
disasters or other emergencies. It is not even enough to develop projects
of education and self-help--although these are also necessary. In today's
world where the rich grow richer and the poor grow poorer, the only way
to achieve justice and peace is to change the systems
that place profits or power ahead of human rights and the well-being of
all people and the earth.
What is being done
The biblical tradition (Leviticus, chapters 25 and 28) calls for a Jubilee
year, when slaves are set free and debts canceled. In 1996 Pope John Paul
II initiated preparations for the new millennium, including a call for
the reduction of the oppressive debts of the most impoverished nations.
Since then a worldwide Jubilee 2000 movement was organized and has been
coordinating struggles to lift the burden of debt which is smothering
the people of poor countries.
Thanks to God's Spirit working through organizations such as Bread for
the World, Network, the US Catholic Conference, other Jubilee 2000 groups
in many nations, and through us, many debts owed to wealthy nations have
been canceled. And new policies are being adopted to ensure that the reduction
of poverty be a key aspect of debt relief.
Good News
where debt reduction has started to take effect:
In Uganda
school enrollment has doubled
since user fees on basic education were removed.
--Jubilee 2000
In Senegal,
great progress is being made
in reducing the rate of AIDS infection.
--Jubilee 2000
In Bolivia,
churches and grass roots organizations
are participating in the planning of programs for poverty reduction.
--Bread for the World
What you can do
There are still large debts owed to the International Monetary Fund, the
World Bank and regional banks of Africa and Latin America--which have
not been canceled. For more information and updates about this issue of
debt cancellation, see the web sites of the organizations listed above.
If you have questions or you wish to network with the Sisters, you
are invited to e-mail our
Peacemaking Committee. We have two excellent videos about the need
for debt relief, which you may borrow for a gathering of your religious
group or other organization. In northeastern Wisconsin, a Sister would
also be available as a speaker or facilitator on this issue.
Resources
Videos
Banking on Life and Debt (30 min.) from Maryknoll World
Productions, 1995
Proclaim Jubilee: Break the Chains of Debt (9 min.) from
Bread for the World, 1999
Websites
Bread
for the World
Jubilee 2000 USA
Jubilee 2000 UK
U.S.
Catholic Conference
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