Achieve universal primary education. Ensure that all children complete primary schooling by 2015
“In the spirit of the book of Leviticus, Christians will have to raise their voice on behalf of all the poor of the world, proposing the Jubilee as an appropriate time to give thought, among other things, to reducing substantially, if not cancelling outright, the international debt which seriously threatens the future of many nations.” –Pope John Paul 11, Tertio Millenio Adveniente, 1994
The RSCJ involved in Africa Faith and Justice Network are focusing on debt campaign in view of the G8 meeting of June 2005. AEFJN along with many NGO's believes that we should advocate debt cancellation on the basis of a human development approach and achievement of the Millennium Development Goals.
The Implications of Debt Cancellation
Heavy debt burdens continue to draw precious resources away from critical investments in healthcare, education, water and other sectors necessary to improve lives in the poorest countries.
Through the Heavily Indebted Poor Country (HIPC) initiative adopted in 1996 and expanded in 1999 in response to successful advocacy by the global Jubilee 2000 movement, many poor countries have begun to see their debts reduced. However, as implementation of the HIPC programme proceeds, a substantial disparity in the amount of debt relief being received by HIPC countries has become evident. This is because the amount of debt relief under HIPC is determined by a country’s export earnings rather than its budgetary resources. Thus, while countries such as Rwanda and Ethiopia are receiving relief sufficient to free up substantial resources, most HIPC countries, such as Zambia and Malawi, are receiving much less. (United States Conference of Catholic Bishops 4th February 2005)
The Case of Zambia:
The Open School provides basic education for infants whose families can't afford places in government schools. In Zambia, every man, woman and child owes on average £437 in external debt. In comparison, the average income in Zambia is less than £1.87 per week. Zambia spends £106 million every year on repaying debts. Meanwhile, Zambian children are denied the chance to go to school, women are denied access to pre-natal care, HIV patients are denied treatment to counselling and small-scale farmers do not have access to the credit and technical assistance they desperately need. To make matters worse, debt service payments have actually risen by 23 per cent since Zambia was granted so called debt relief. “Debt is strangling us” says Fr Peter Herriot from the Jesuit Centre for Theological Reflection in Lusaka.
Maldives: External debt
The first long-term loan for Maldives was committed in 1976. Many of the loans went to education, health and human resource development to meet the shortage of skilled labour and lack of proper post-secondary education in the country. The government has also borrowed to invest in economic projects. At the end of 1998 there were roughly 116 loans amounting to a debt of $171.5 million. About 90 per cent of this debt is concessional, mainly from bilateral and multilateral sources, and 10 per cent is commercial, mainly suppliers’ credits. (Ms Aisath Mufthiaz, Assistant Accounts Officer Financial Institutions and External Debt Management Section, Ministry of Finance and Treasury,)
Increased Aid, Investment, Debt Relief, Preferential Trade among Issues Raised by Some 50 Speakers in High-Level General Debate
International plans such as the Brussels Programme of Action for least developed countries presented humankind with the key to unlocking the prison of poverty, the Economic and Social Council was told as it opened the general debate of its 2004 high-level segment.
Helpful links:
Ecosoc/611929/06/2004 Economic and Social Council: Brussels action plan for poorest countries presents key for unlocking ‘prison of poverty’
Is your country honoring its commitment to contribute towards ‘unlocking the prison of poverty’?
http://www1.worldbank.org/education/eke.asp Education for the Knowledge Economy
(EKE) refers to the World Bank’s multidimensional efforts aimed at understanding and articulating how education and training systems need to change in order to meet the challenges of the knowledge economy, and at identifying practical and sustainable policy options for developing countries.
http://www.worldbank.org/data/databytopic/debt.html Balance of Payments and International Investment Position Statistics. The Statistics Department of the IMF disseminates a wide range of information including data on external debt.
http://www.imf.org/external/pubs/cat/longres.cfm?sk=108.0
www.makepovertyhistory.org
www.un.org/millenniumgoals - Millennium Goals
http://dsbb.imf.org/Applications/web/sddsexdpage/ Dissemination Standards Bulletin Board
Special Data Dissemination Standard External Debt (EXD) data for SDDS
Mariella Agius, rscj
District of Malta
