Step forward on debt a tribute to campaigners
11 June 2005
The G8 Finance Ministers today announced a deal on multilateral debt cancellation for 18 countries. Click here for details of the deal.
Jubilee Debt Campaign responded to today’s announcement by saying, "Debt relief works. So any deal that enables poor countries to switch money from paying debt to the health and education of its own people is to be welcomed.
"Thanks to debt campaigners, today’s announcement goes much further than had been expected after the last meetings of the World Bank and IMF: it does now include IMF debt, and involves the write-off of debt stocks, rather than temporary relief of debt service. The Chancellor stated that the deal had been brought about because 'the eyes of the public are upon us'.
"This deal, which provides $1 - 2 billion a year, is an important step forward; but it is not the giant leap on debt that is needed. Our figures show that more like $10 billion a year of debt cancellation is needed if extreme poverty is to be ended.
"This deal still leaves major issues on debt unresolved – the damaging economic policy conditions attached to debt relief, the many indebted countries not on the list, debts not covered by the deal. There is more work to be done – to ensure that the deal is delivered, as well as to go further on debt, on aid and on trade justice."
Jubilee Debt Campaign spokespeople available for interview, analysis and comment:
- Stephen Rand, co-chair: 07889 158215 (mobile)
- Caroline Pearce, campaigns officer: 020 7324 4722 (office); 07791 971890 (mobile)
- Trisha Rogers, national coordinator: 020 7324 4722 (office); 07712 005666 (mobile)
Jubilee Debt Campaign is a core member of the Make Poverty History coalition.