Jubilee 2000 - A Successful Campaign
by Churches for Debt Reduction
The Jubilee 2000 movement, a global effort by churches around the world
to raise awareness about the crushing debt burden of 40 poor countries,
has made a visible impact on the economic policies of rich countries and
international institutions like the International Monetary Fund and the
World Bank. Many countries are forced to pay more to service their debts
than they spend for health and education of their populations. For example,
Nicaragua pays $11 on debt servicing for every $1 spent on health care.
Inspired by the Biblical concept of jubilee, i.e. wiping the slate clean
and starting over, churches have been vocal in advocating for debt forgiveness.
Partly in response to this effort, the IMF and the World Bank initiated
action last month to forgive $27 billion in debt. In a recent meeting between
20 high level church leaders, World Bank’s President James Wolfensohn said
that he is now a supporter of Jubilee 2000. President Clinton also announced
plans to forgive billions of dollars of poor country debt to the U.S. Government.
Debt reduction will be extended only to governments agreeing to pursue
sound economic management policies and to spend the resources freed up
on health, education and poverty reduction. Mechanisms will be established
to ensure that the program benefits the poor. Continued pressure is needed
to expand the program and to implement it effectively. Contact CCIH for
information and materials to help you educate your church or organization
and to advocate for fairness for poor countries. Helpful Internet sites
are www.bread.org, www.Jubilee2000uk.org,
and www.j2000usa.org.
In recognition of the central role played by churches and Christian
organizations in promoting debt forgiveness, the Global Health Council
asked CCIH to organize a scientific panel to present the Jubilee 2000 story
at their June 2000 conference.