It is time for global change – time for a global economy that works for all. It is time to once and for all break the chains of international debt to fight poverty and injustice.
DEBT COSTS LIVES. In the world’s most impoverished countries, resources are diverted away from citizens’ basic needs – shelter, education, health care – and used to pay debt service to rich countries and institutions. Even after the life-saving debt relief provided to date, the poorest countries still send $100 million every day out to our government and international institutions in debt payments.
DEBT CANCELLATION COSTS CENTS. Many impoverished countries still pay more out in crippling debt service than they receive in foreign aid. But it would only cost .40 cents per U.S. resident to cancel the debt of up to 24 additional impoverished countries’ debts to the U.S., and less than a $1 on top of that to cancel the debts of these countries to the World Bank & IMF.
THE JUBILEE ACT MAKES SENSE. Debt cancellation has already brought increased education, healthcare and vital social services for 26 countries in Africa and Latin America, with up to 14 more eligible for the program. But too many needy countries have been left out. The Jubilee Act calls for expanded debt cancellation without harmful economic policy conditions to help all the poor countries that need it to reach the Millennium Development Goals (MDGs). It also urges responsible lending in the future to avoid a new debt crisis and policies to create a more just global economic system. Our pocket change can make global systemic change!
