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 THE JUBILEE 2000 PETITION
Dear world leaders,
We, the undersigned, believe that the start of the new millennium
should be a time to give hope to the impoverished people of the world.
To make a fresh start, we believe it right to put behind us the
mistakes made by both lenders and borrowers, and to cancel the backlog of unpayable debts
of the most impoversihed nations.
We call upon the leaders of the lending nations to write off these
debts by the year 2000. We ask them to take effective steps to prevent such high levels of
debt building up again. We look for a new beginning to celebrate the millennium.
Why is it unfair?
Mozambique spends ten times more on interest than on healthcare. Zambia spends
five times more on interest than on education.
Poor countries are diverting money, which could be invested in eradicating
poverty, to pay interests on debts that are unpayable. They can never hope to earn from
exports aid payments enough to repay all the interest that has built up. "Whatever
the detailed history of today's debt ridden countries, those who could be blamed least,
the poorest people in the poorest countries, have suffered most." (Cardinal Basil
Hume)
Will debt relief really benefit the poor?
Debt relief will give millions of poor people a chance to improve their lives.
Without it, there isn't even the possibility of eradicating poverty. Poor countries'
governments cannot fund infrastructure or education, which might raise living standards.
The uncertainty created by debt deters foreign investors.
Won't countries just get into debt again?
This petition is calling not only for a cancellation of some of the Third World's
debt; it also proposes steps should be taken to prevent unpayable levels of debt ever
building up again. Debtors and creditors should take responsibility for the terms of
future borrowing.
Will it cost me anything?
Not very much. The amount CAFOD would like to see cancelled is probably worth less
than �100 billion. Though a massive burden on the poorest countries, this is a tiny sum
on an international stage; it is less than rich countries earn in three days.
How will the petition make a difference?
Campaigning has already made debt relief a burning issue. The Jubilee 2000
petition is being supported by more than 60 organisations in the UK and is being signed in
more than 40 countries. It is already acknowledged by the World Bank as, "a consience
that is holding the financial community's feet to fire." 21.3m signatures would make
it the biggest petition in the world.
Who will get the petition?
It will be delivered to the leaders of the G8 countries - Germany, France, USA,
Canada, UK, Russia, Italy and Japan - in June 1999. These rich, creditor nations are the
key shareholders in the IMF and World Bank. Together, they have the power to say yes or no
to debt relief to the world's poorest nations.
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