wfn.org | Congress votes to provide debt relief for poorest nations

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2000-180

Congress votes to provide debt relief for poorest nations
http://www.ecusa.anglican.org/ens

by James Solheim

     (ENS) A broad coalition of legislators, religious leaders and celebrities 
are celebrating the October 24 decision by Congress to provide $435 million as 
the American share of a global debt relief initiative that could relieve up to 
$90 billion of debt in 33 of the world's poorest countries.

     The final momentum came from the coalition, but it didn't hurt that both 
candidates for President announced their support. Vice President Al Gore has 
backed the initiative for some time, but Texas governor George W. Bush strongly 
endorsed the idea in a recent debate as one of the most effective ways to aid 
foreign countries, an action that "got the Republican leadership's attention," 
according to Tom Hart, director of the Episcopal Church's Office of Government 
Relations in Washington, DC.

     That endorsement gave the measure "all the political momentum it needs," 
Hart added.

Variety of advocates

     Hart pointed out that the issue has attracted an eclectic variety of 
advocates. "It has support from conservative Christian leader Pat Robertson to U2 
rock star Bono, from anti-globalization activists to multinational corporations," 
he said.

     Hart said that support from the United States was crucial "or else the 
entire program could have toppled. Now we can unlock billions of dollars in debt 
relief from other countries. The rest of the world was waiting for the U.S.--and 
we finally came through," Hart said. "In the midst of this season of intense 
politics and partisanship, all sides came together to help the poorest people on 
earth."

     Hart, who chaired the coalition's lobbying efforts, said that debt relief 
"means more kids can go to school, more health clinics can deliver immunizations, 
and more farmers can get their goods to market. It makes sense for the poorest 
countries to invest in health and education, instead of making endless interest 
payments to the richest countries." He called it a fitting way to "finish our 
celebration of the Jubilee Year 2000."

     The Rev. Brian Grieves, the Episcopal Church's officer for peace and justice 
ministries, said that the action is "the culmination of months of intensive staff 
work in our Washington office, especially by Tom and Jere Skipper, who helped 
coordinate the support of other church groups. Our church, which took a 
principled stand for debt relief, can be justly proud of what has been 
accomplished."

     The relief will be paid through the International Monetary Fund (IMF) and 
the World Bank. As a part of the deal, the congressional negotiating team also 
agreed to grant an IMF request to revalue some of its gold reserves to free up an 
additional $570 million of its own funds for debt relief.

     The G-7 meeting of the leading industrialized nations at its meeting last 
year in Cologne proposed the relief arrangement which also proposes better fiscal 
management, poverty reduction and economic growth.

     After a September White House meeting in which President Bill Clinton 
lobbied hard for the measure, he said, "It's not often we have a chance to do 
something that economists tell us is a financial imperative--and religious 
leaders say is a moral imperative."

--James Solheim is director of the Episcopal Church's Office of News and 
Information.