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Foreign Aid or Trap? Jubilee Debt Campaign Disappointed by the G8 Summit again, but not giving up from Jubilee Debt Campaign June 14, 2004: Pre-Summit reports in the media raised our hopes that we might have seen a significant movement on debt at this year's G8 in the USA. However, once again the leaders of the world's richest and most powerful countries failed to deliver on debt. But the fact that full cancellation of Africa's debts was on the table at all represents a concession to campaigners. That's something that JDC will be aiming to exploit in the run up to the 2005 G8, which is to be held in the UK. After the excitement at the beginning of the week that we might finally see 100% debt cancellation, the world’s poor and debt campaigners have once again been let down by the G8. All the G8 have done is to extend the Heavily Indebted Poor Countries Initiative (HIPC) for a further two years - HIPC was due to close down this year. This will benefit countries like Sudan, Somalia, Liberia, Sierra Leone which have been unable to enter HIPC because of the various conflict situations. However, HIPC is not a panacea for heavily indebted countries. We understand the USA and Britain were the main movers in promoting discussion on debt cancellation. This was linked to the USA's push for at least 90% cancellation of Iraq's debt. The G8 failed to agree on Iraq debt. Countries like France and Russia argued that 50-60% cancellation would be sufficient as Iraq would be able to repay much of their debt down the line. According to Oxfam, however, Iraq would have to use all its oil revenue over the next 20 years in order to repay its debt. Jubilee Iraq argues strongly that given that Iraq's debt is odious i.e. lent to an oppressive dictator, the argument is not only whether it can be paid, but that odious debt should not be repaid by subsequent regimes. It is interesting to note that in its eagerness to get Iraq's debt cancelled the US Treasury has also argued that Iraq's debt is odious. A further striking aspect of the debate on Iraq's debt is that the IMF supported cancellation of almost all of Iraq's $120bn debt. This puts us in an even stronger position to press for cancellation of 100% of poor countries' $5bn debt to the IMF. Why No Progress on 100% debt cancellation? Our information is that the US Treasury was prepared to support 100% cancellation but that the White House and the rest of the US administration were not supportive. This was why Jubilee USA put out the urgent call for pressure to be mounted on the US government. Japan and Germany also blocked the proposal. Opposition to debt cancellation was based on * who would finance the debt cancellation. Chinks of Light While we are bitterly disappointed at this outcome, the G8 discussion has changed the 'debt landscape': * the fact that the G8 were even discussing 100% debt cancellation leaves a great gaping hole in their argument Click on the links below to see the reactions of some of our partner organisations: http://www.wdm.org.uk/ http://www.oxfam.org.uk http://www.cafod.org.uk/ http://www.tearfund.org.uk/ http://www.christian-aid.org/ Glastonbury Festival Calls for Change Last weekend, despite the rain and mud, nearly 5000 festival goers took the time to sign up to JDC's Call for Change campaign. Having heard rumours in the press about the G8 cancelling the debt, many people were shocked to hear that once again it had just been a lot of hot air. As well as signing the cards to Gordon Brown (which will be delivered to the Treasury shortly), punters also signed up to this email list and bought raffle tickets to win a bath on the Drop the Debt Bus (with proceeds going to JDC). WDM Annual Conference - 60 glorious or notorious years Activists will be meeting at London for the Annual conference of The World Development Movement's debate on the IMF and World Bank on Saturday 10 July 2004, 17:00-19:00. Rudolf Amenga-Etego, winner of this year's Goldman Environmental Award will now join WDM's debate on the future of the IMF and World Bank on their 60th Anniversary. Rudolf won the award for his work with the Ghanaian National Coalition against the Privatisation of Water and will talk about the coalition's success in halting a $400bn water privatisation project, which was backed by the World Bank. Rudolf joins George Monbiot (author and journalist), Shalmali Guttal (Focus on the Global South, India) and Mark Curtis (Director, WDM). The panel, chaired by David Loyn (BBC Developing World correspondent) will look back at the blighted past of the IMF and World Bank and consider alternatives for their future. Venue: Friends House, 173 Euston Road, London NW1 2BJ (opposite Euston Station). Signing available. Wheelchair access. Reserve your free place now: Places are filling quickly so ensure you don't miss the debate. Register online at http://www.wdm.org.uk/action/wrr04enews.htm or call 0800 328 2153. JUBILEE DEBT CAMPAIGN The Grayston Centre 28 Charles Square London N1 6HT Tel: +44 (0)20 7324 4722 Fax: +44 (0) 20 7324 4723 Mobile: +44 (0)7905 139 140 http://www.jubileedebtcampaign.org.uk About the Author(s): See under Our Contributors to find out about the Author(s) of this article. |
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