Debt Cancellation

GCAP’s position on debt is clear – it should be cancelled non-selectively and unconditionally. The non-selectivity principle is a particularly important one. Indeed, the criteria for deciding that Uganda and not Kenya gets debt relief are entirely arbitrary and illogical. Given the paltry nature of the debt relief offered at the G8 – it leaves Africa with over $200bn of debt and annual repayment obligations far exceeding the scale of the debt relief – we cannot afford to take our eyes off the debt ball. The issue of debt is not so much what we demand but whom we address with what messages. 

GCAP supports the Week of Global Action against Debt and IFIs (October 14-21, 2007)

Thousands of activists and debt campaigners from at least 297 national organizations and 24 regional & international formations in 60 countries across the globe will be participating in the Week of Global Action against Debt and the International Financial Institutions (IFIs) on October 14-21, 2007.

This Week of Global Action coincides with the 20th death anniversary on October 15 of Thomas Sankara, former President of Burkina Faso who called for debt repudiation, World Food Day on October 16, World Youth Day on October 20 and the Annual Ministerial Meeting of the IMF and WB in Washington, USA on October 20-22, 2007.

The participating organizations and convenors of this week-long global activity are asserting that despite all the promises and schemes that have been offered by lending governments and international financial institutions (with the Multilateral Debt Relief Initiative of the G8 & IMF-WB as the most recent), the debt problem continues to rob the peoples of Africa, Latin America and the Caribbean, Asia and the Pacific of their livelihood & jobs, human rights to health, education, housing, water and other essential goods and basic services, independence and political autonomy, selfdetermination of their economic development, dignity and lives.

Download the Media Advisory and the Bulletin.

To know more:

• Debtweek.org
• Eurodad.org/debt
• Latindadd
  
• Civil society commemorating global action against debt

GCAP demands

We call on donor Governments and International Institutions to:

• Immediately and without externally imposed conditions cancel the odious, illegitimate and unpayable debt of poor and middle income countries through a fair, democratic and transparent process to free up resources for human development. Where debt cancellation measures are inadequate or failing to enable poor countries to reach the MDGs and provide basic social services, we support collective developing country strategies for the repudiation of all odious and illegitimate debts.
• Reverse the flight of capital from poor countries and identify and repatriate stolen assets by taking action against tax havens, financial institutions, multinationals and others facilitating this resource leakage.
• Establish a fair and just world order in which International Financial Institutions (especially the World Bank, International Monetary Fund and World Trade Organisation) operate within the broad principles enshrined under UN commitments and human rights obligations to better regulate the world economy.
  

Some documents

1. How ECAs turn private risks of corporations into debt for developing countries, Export Credit DEBT briefing paper,
2. Bolivia case study: Monitoring of the Bolivian poverty Reduction Strategy (EBRP) and the HIPC initiative and their impact on the health sector – Summary
3. Bolivia case study: Monitoring of the Bolivian poverty Reduction Strategy (EBRP) and the HIPC initiative and their impact on the health sector – Full text
4. Philippines - Towards Financing the Millennium Development Goals of the Philippines
5. Philippines - Possibilities of Debt Reduction for MDG Financing, Presentation

6. The Asian Peoples’ Tribunal on Poverty and Debt - English

More links