Haiti's Debt Cancelled!

July 1st - Yesterday Haiti reached “completion point” in the Heavily Indebted Poor Countries program cancelling $1.2 billion of debt! Says Jubilee's Executive Director Neil Watkins: “Today’s action to free Haiti of its unjust and unpayable external debt is a welcome and long overdue step. Debt cancellation will provide desperately needed relief for the people of Haiti.”

In 2008, Haiti suffered a food and fuel crisis and endured the devastating impact of four hurricanes. As Haiti faces the severe effects of the recent global downturn, debt cancellation can help Haiti fight this uphill battle.

Jubilee and partners have worked for over 5 years for this victory. Congratulations to everyone for their hard work!

PRESS RELEASE here
LEARN more about Haiti, the Debt Crisis, and the work of Jubilee activists

Vulture Funds Act Introduced in Congress! Call Today!

On June 18th, Representatives Maxine Waters (D-CA) and Spencer Bachus (R-AL) re-introduced the Stop VULTURE Funds Act (HR 2932), a bill in the House of Representatives that would prevent vulture funds from making excessive profit off the debt of the world's poorest nations.

Call your US Representative today and ask him or her to co-sponsor the bill!
Together with Africa Action and TransAfrica Forum, Jubilee USA continues its campaign to stop the harmful practices of vulture funds that prey on poor countries. Vulture Funds buy the defaulted debt of poor countries from the original lender, often for pennies on the dollar. After buying a poor country's debt, vulture funds take their time, waiting for the right opportunity to strike.

When a country receives debt cancellation from governments or international financial institutions, vulture funds rarely participate in the deal. Instead they take the opportunity to sue in US or European courts to seize the newly available resources - usually many times what they originally paid to purchase the debt.

TAKE ACTION Call your Rep Today!
LEARN MORE Get Resources, Action Materials & More Info on Vulture Funds

Update on IMF Reform

June 22, 2009 - Congress has been busy debating the inclusion of $100 billion for the International Monetary Fund and the authority to sell IMF gold in the war supplemental bill. Last month, leadership by Senator Brown (D-OH), as well as Senators Lugar (R-IN) and Leahy (D-VT) resulted in attempts to amend the spending package to reduce its potential for harm. Read the press release here.

Thanks to everyone who have made calls in these past weeks to support IMF reform!

If IMF funds are approved, Congress must tell the IMF to stop pushing contractionary policies on poor countries during a recession and to live up to its commitment to stop requiring wage ceilings and budget caps limiting countries' ability to hire and retain vital teachers and doctors.

Another Victory: Liberia Eliminates $1.2 Billion in Commercial Debt

: Jubilee Activists Protest at Treasury Department in 2007

April 17th - Liberia has reached an agreement with its commercial creditors (including some potential “vulture funds”) to eliminate $1.2 billion of its illegitimate commercial debt!

Jubilee USA and partners have been raising the call for total cancellation of Liberia’s odious and illegitimate debt for several years. Together, we helped secure the clearance of Liberia’s arrears to the IMF, World Bank and African Development Bank in late 2007.

Now, Liberia has taken the next step on its long journey to freedom from crushing debt by buying back nearly all of its commercial debt from its creditors, some of whom were vulture funds.

Liberia was able to negotiate a deal to pay its creditors only 3 cents for every dollar “owed.” And this payment will be covered by donors, including the World Bank and the US government, who have given Liberia a $38 million dollar grant to pay off its commercial creditors. Liberia’s debt burden is reduced from $4.9 billion to $1.8 billion.

READ Jubilee USA’s press release, and the statement from the Liberian government.

Tell the Treasury Secretary What's on Your Heart

Winter/Spring, 2009 - Almost 10,000 of your homemade hearts, postcards, and online messages have already arrived in our office as part of our What's On Your Heart Campaign.

President Obama and his new economic team, including Treasury Secretary Timothy Geithner, are facing down a growing economic crisis and recession in the United States.

But while we must work for economic justice at home, we must also not forget our brothers and sisters across the globe in this time of need. That’s why Jubilee USA launched its What’s On Your Heart? Campaign.

As the book of Matthew tells us, “Where your treasure is, there your heart will be also…” As the Torah reminds us, "Do not close your heart or shut your hand from your poor brother."

We have been collecting hand-written notes on hearts, postcards, and online letters from you to Treasury Secretary Geithner telling him which Jubilee issues are on your heart in this time of crisis. A group of religious leaders is working to get a meeting with Secretary Geithner to discuss the impact of the financial crisis on the world's poor and to deliver your messages.

VISIT What's on Your Heart Main Page

Jubilee Act Update

Jubilee is gearing up for the reintroduction of Jubilee Act in 2009. Thanks to the commitment and hard work of our grassroots, we celebrated 2008 with the passage of the act in the House of Representatives and the Senate Foreign Relations committee. We were so close, but in the end it did not reach a full Senate vote. Stay tuned for updates.

The Jubilee Act would cancel impoverished country debt, prohibit harmful economic and policy conditions, mandate transparency and responsibility in lending, call for a new legal framework to restrict predatory “vulture funds,” and call for a U.S. audit of odious and illegitimate debts. To read more, click here.

Briefing Notes: Jubilee USA Releases Policy Reports

Read the series of six BRIEFING NOTES that Jubilee USA released last year. These short policy papers are designed to provide quality background information on some of the key policy issues that Jubilee is working on. Also, access our policy archive for past policy papers.

JAN.08 BRIEFING NOTE ONE: Expanded Debt Cancellation: A Key Tool to Fight Global Poverty reviews the literature and makes the case for expanded debt cancellation beyond the current HIPC Initiative. DOWNLOAD

FEB.08 BRIEFING NOTE TWO: Recent Development on IMF Gold Sales and Debt Cancellation, looks at recent proposals from the IMF to sell some of its gold and the implications for debt campaigners. DOWNLOAD

FEB.08 BRIEFING NOTE THREE: Are IMF and World Bank Economic Policy Conditions Undermining the Impact of Debt Cancellation? contains the latest information on IMF and other economic policy conditions such as privatization that are limiting the benefits of debt cancellation. DOWNLOAD

APRIL.08 BRIEFING NOTE FOUR: Vulture Funds & Poor Country Debt: Recent Developments & Policy Responses explains the activity of vulture funds, identifies countries at-risk and what a coalition of organizations, including Jubilee USA, is doing to publicize and curtail vulture fund activity. DOWNLOAD

APRIL.08 BRIEFING NOTE FIVE: Recent Developments On Odious & Illegitimate Debt explores the latest developments on the issue of odious and illegitimate debt highlighting the push for the cancellation of Iraq’a debt, which was led by the United States, and Ecuador’s precedent-setting debt audit. DOWNLOAD

JUNE.08 BRIEFING NOTE SIX: World Bank Group Resources & Debt Cancellation identifies how the World Bank could mobilize up to $23.4 billion total of its additional resources by 2020 which could be used to cover the cost of expanded World Bank debt cancellation without compromising the Bank's operational capacity or financial strength. DOWNLOAD