I recently attended a very interesting congressional briefing titled “The Global Financial Crisis and Africa: How to Avoid a Renewed Debt Crisis?” hosted by partner organizations Jubilee USA Network, the Evangelical Lutheran Church of America, the American Jewish World Service and the Episcopal Church. The conversation focused around how to preserve the achievements that many African countries have made over the last five or so years (with help from debt relief and increased trade) in light of the current global financial crisis. One of the measures suggested was that the International Monetary Fund (IMF) direct revenue from its upcoming gold reserve sales to developing countries.

As explained by Matthew Martin, Director of Debt Relief International, countries freed from odious debt have been able to invest in national poverty-fighting strategies such as lowering the barriers to healthcare and education by reducing user fees and improving infrastructure. In turn, debt relief empowers countries to be less dependent on foreign assistance in the future. Hon. Timothy Thahane, Minister of Finance and Development Planning for Lesotho, shared how when Lesotho received debt relief from the United Kingdom, they immediately redirected monies previously spent on debt relief service to vulnerable populations by providing free primary education, school feeding programs, and antiretroviral drugs for persons living with HIV/AIDS.

All this was somberly put into context when Thahane explained that the gains in employment and revenue due to debt relief and increased trade vis-à-vis the African Growth and Opportunity Act (AGOA), are currently threatened by the global financial crisis. The World Bank has estimated that an additional 53 million people will be forced to live on less than $1 per day as a result of the global economic downturn. The decline in commodity prices, remittances, and demand for exports has already had a dramatic effect throughout the continent. For example, the downward trend of car manufacturing in the U.S. has led to a significant decline in steel exports, which has impacted steel-producing African countries such as Guinea, Liberia and South Africa. Similarly, the sudden decline in demand for textile exports, led to a loss of 12,000 jobs in Lesotho, which impacts 40,000-50,000 lives.

Vitalis Meja, Program Director of African Network on Debt and Development (Afrodad) warned that the economic situation will make it very difficult for African countries to achieve the Millennium Development Goals (MDGs) and called on donor countries to resist reducing Official Development Assistance (ODA). Meja called for the reform of lending practices and joined the other panelists in asking the IMF to allocate revenue from its gold sales for debt relief and grants for the world’s poorest countries, which would help them weather the current economic crisis and avoid falling back into another debt crisis. Lesotho would be one of the countries that would directly benefits.

More information about the IMF gold sales and its potential to help low-income countries can be found in briefings prepared by ONE and Jubilee USA.

-Margaret McDonnell, US NGO Partnerships & Faith Relations Team

We’ve all been reading the headlines, and watching the news about the financial crisis. These are truly hard times for people all around the world.

President Obama and his new economic team, including Treasury Secretary Timothy Geithner, have a huge job ahead of them. They have been facing down a growing economic crisis and recession in the United States from day one.

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 has launched the What’s On Your Heart? Campaign. Over 6,000 people across the country have already sent handmade hearts and postcards to remind Timothy Geithner that as Americans we care about issues at home and also about our sisters and brothers around the world. The hearts will be delivered to Geithner personally by a delegation of religious leaders, including Rev. Jim Wallis of Sojourners and Rabbi David Saperstein of the Religious Action Center of Reform Judaism.

There are two really simple ways to get your message to the new Treasury Secretary

1. DO IT YOURSELF: Make a heart telling the Treasury Secretary “what’s on your heart,” with your own message or click here for suggestions. Sign it with your name, address, phone number, and email address. Mail your heart to: Jubilee USA Network / 212 E. Capitol St. NE / Washington, DC 20003.
2. Sign the online postcard.

The deadline to take action is February 20th, 2009.

Amanda Beckham, a senior at Miami University in Oxford, Ohio and recent attendee of the Power 100 summit had this to say about why she is involved:

The reason I decided to fill out a postcard, and to empower others to do the same, is because not only is it one of ONE’s issues, but it resonates with my personal humanitarian beliefs. I believe that in conjunction with clean water and substantial food, as well as proper education, there is no way these countries are going to develop and thrive economically and sustainably, if they have debt looming over their heads…These are the reasons I want to be a part of this movement, and I can’t just sit back and think that someone else will take care of it… writing a postcard is the absolute least I can do, but every little bit counts… I also hope others will feel this same altruistic obligation to help our brothers and sisters throughout the world.

We encourage you, your friends, and community members to join Amanda and thousands of other people in sending messages to Timothy Geithner, reminding him that he should do everything he can to address global and domestic poverty. Thanks you for all you do!

-Mercedes Mack, Jubilee USA

Carly Pildis of Jubilee USA passed along some information about their new Picture New Leadership Campaign. Read on about this great campaign and how you can participate!

-Chris Scott

Making change can be as easy as snapping a photo. One of ONE’s partners, Jubilee USA Network, has launched the Picture New Leadership Campaign to encourage rethinking our nation’s leadership in the world by prioritizing ending global poverty and justice. We want thousands of debt and poverty advocates from around the country to send a clear message to the presidential candidates: “Picture an End to Global Poverty: Cancel Debts! More & Better Aid!”

Getting involved is really simple: 1) Gather people from your community, friends, family, campus or worship community; 2) Take a picture of them holding a sign reading “Picture an End to Global Poverty: Cancel Debts! More and Better Aid!” and 3) Email the picture to Carly@Jubileeusa.org.

Help give our future leaders a clear picture of what real leadership on debt and extreme poverty looks like. Be the change you wish to see in the world-click your pic today! Click here for more information about this project and the Picture New Leadership Campaign.

-Carly Pildis, Jubilee USA Network Outreach Fellow

The Jubilee Act passed the Senate Foreign Relations committee yesterday. Next it would have to be considered and passed by the full Senate before it could go to the President and be signed into law.

The global food crisis has Haiti in its grip.

The lack of affordable food has caused riots and political turmoil. While some Haitians are reportedly eating dirt to quell their hunger, their government is forced to pay almost $1 million each week in debt service to the World Bank and the Inter-American Development Bank, both wealthy banks that were supposedly established to fight poverty.

The finance ministers of the G8 countries — the world’s richest nations — meet on June 13 and 14 in Japan to discuss the food crisis. By cancelling debts they could help alleviate the suffering of Haiti and other affected countries.

Treasury Secretary Henry Paulson Jr. will be attending the G8 meeting. Please sign Jubilee USA’s petition to U.S. Treasury Secretary Henry Paulson Jr. to urge him to support accelerated debt cancellation for Haiti and in the meantime an immediate moratorium on the country’s debt service payments at this meeting. Jubilee USA will deliver this petition before he leaves on Wednesday, June 11.

-Monet Cooper, Jubilee USA

Be sure to check out the op-ed about debt, healthcare and the urgency of passing the Jubilee Act in the Senate written by Nobel Peace Prize Laureate Desmond Tutu in Wednesday’s Baltimore Sun. Writes Tutu:

Lesotho’s situation snows how debt and extreme poverty create a crisis for children…Lesotho has only six pediatricians looking after its 800,000 children. One-third of Lesotho’s children are not in school. Meanwhile, Lesotho’s debt repayments equal its entire education budget.

He continues:

As the Senate now considers the Jubilee Act, it can do it’s part to help ensure that Africans and Asians are able to sue their own resources for their own development.

Read the full op-ed, “Debt cancellation a victory for the world,” on The Balitmore Sun’s site.

-Monét Cooper, Jubilee USA

The House of Representatives Votes on the Jubilee Act Wednesday, April 16 at 10:45 a.m.

The Jubilee Act will be debated and voted on the House floor on Wednesday, April 16. Watch it live on C-SPAN as the vote happens.

Please call your representative via the Capitol Switchboard at 202-224-3121 today and ask him/her to vote “Yes”.

Use Jubilee’s quick email form to send a message to a friend, colleague or group and urge them to take action on the Jubilee Act!

-Monet Cooper, Jubilee USA

I wanted to share the good news with you that the Jubilee Act for Responsible Lending and Expanded Debt Cancellation passed by voice vote out of the House Financial Services Committee yesterday. We anticipate consideration by the full House of Representatives as early as Tuesday.

After the jump Jubilee’s release and an article about it that appeared in Congressional Quarterly. – Neil Watkins, Jubilee USA

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It’s official, the Jubilee Act will be voted on in the House Financial Services Committee this coming Thursday, April 3 at 10 a.m. You can watch the debate and the vote here.

If your member of Congress is on the House Financial Services Committee, now would be a great time to give him/her a call and urge a yes vote on Thursday!

The committee vote is the only thing standing between the Jubilee Act & consideration by the full US House of Representatives!

We expect that after the committee vote the Jubilee Act will move fairly quickly. It will probably be considered by the full House of Representatives by Monday, April 14.

You can find a list of the members of the House Financial Services Committee here.

-Monet Cooper, Jubilee USA

We’ve received a lot of calls and emails from Jubilee supporters who have called during our Leap Into Action Call-In Days their senators and representatives about the Jubilee Act (S. 2166 and H.R.2634), which will soon to be considered in the House and Senate.

The Jubilee Act for Responsible Lending and Expanded Debt Cancellation will expand eligibility for 100 percent debt cancellation without harmful economic conditions to 67 impoverished countries in the Global South.

When you call your senators or representative, you’re calling on behalf of the millions of people in Sub-Saharan Africa, South America and Asia who suffer when debt repayment must be prioritized over health care, education and clean water.

Every day, Sub-Saharan Africa sends $100,000 back to America in debt payments. Imagine what could be done with that money if it were to stay in those countries.

The call you make today is a part of a national campaign to pass the Jubilee Act within the 55 legislative days Congress has this year. This is the last and final session of Congress before the elections with most of the legislative days being frontloaded prior to June.

This tight deadline makes it even more imperative for ONE members and others to call their members of Congress and urge them to co-sponsor this bill.

Get the Call Script here.

More Information About the Jubilee Act here.

-Monet Cooper, Jubilee USA