Press Releases
Bishops' Appeal welcomes G7 announcement on debt cancellation
Church of Ireland Bishops’ Appeal, the Church’s World Aid and Development Programme, welcomes the announcement by the Finance Ministers of the G7 on debt cancellation. The Finance Ministers have agreed to immediately cancel the debt owed by eighteen of the poorest countries in the world to the World Bank, the International Monetary Fund and the African Development Bank. Another nine countries are expected to qualify over 18 months when they meet conditions for good governance with more to follow later.
This announcement is a small step on the road to helping countries meet the Millennium Development Goals. They will be able to spend the money saved on health, education and improving infrastructure. The need now is to continue the process of debt cancellation – to cancel the debt owed by other poor countries as well as that owed to private banks.
It must be remembered that much of this debt was lent to dictators like Mobutu in Congo/Zaire, Marcos in the Philippines, Abacha in Nigeria and others. The banks knew the nature of the borrowers, the people in these countries had no say in the borrowing and they received no benefit from the loans. It is palpably unjust that they should be asked to repay them.
Debt cancellation of itself will not solve the problems of the poorer countries. Trade Justice and More and Better Aid are needed to make a bigger difference. Bishops’ Appeal continues to support the aims of the MAKEPOVERTYHISTORY Campaign. It asks its supporters to reflect this by attending the MAKEPOVERTYHISTORY rallies in Dublin on 30th June and Edinburgh on 2nd July.
Further information from:
Mr Martin O’Connor,
Education Adviser,
Church of Ireland Bishops’ Appeal,
Church of Ireland House, Rathmines, Dublin 6.
Phone: +353-(0)1-4125610
Mobile: +353-(0)87-2070907