The world’s finance ministers have reached agreement to cancel the debts of up to 38 of the poorest countries, freeing up close to $1-$1.5 billion each year once all 38 have qualified, funding which will put schools, health clinics and clean water into more communities. The ministers, meeting in Washington to direct the IMF and World Bank, agreed to the outline of the G8 Summit agreement to cancel 100% of the debts owed by eligible poor countries, releasing them from crushing debt burdens left over in many cases from loans stolen by corrupt dictators and negligent donors.
STATEMENT FROM ONE:
“This is a good start, and we commend the Finance Ministers for agreeing to complete debt cancellation for all HIPC countries as they complete the process. This agreement will initially free 18 countries, and up to 38 over time, that agree to reform and clean government, ultimately transforming the hopes and futures of a generation.
“From meetings in church basements to the millions who took part in the Live 8 concerts, over 1.5 million Americans joined people around the world to demand real action on debt relief. The U.S. answered this call and helped the world reach this agreement.
“Working together, developing country governments, the world’s donors and campaigners now must ensure that the savings from debt cancellation are put to good use to help the world’s poorest people and achieve the Millennium Development Goals, through clear and transparent plans to fight poverty, reforming trade and increasing effective international assistance.”
ONE: The Campaign to Make Poverty History is an historic effort by Americans to rally Americans, ONE by ONE, to fight extreme poverty and global AIDS. ONE is a coalition of over 1.5 million Americans, founded by 11 of the nation’s leading relief and advocacy organizations: Bread for the World, CARE, DATA, International Medical Corps, International Rescue Committee, Mercy Corps, Oxfam America, Plan USA, Save the Children US, World Concern, and World Vision.