Jubilee 2000
Charter
The Jubilee 2000 Charter suggests a solution to the problem of
Third World debt, which is attractive to both debtors and
creditors. It proposes the remission - by 31 December 2000 - of
the unpayable debts owed by highly indebted poor countries to
commercial banks, creditor governments, and multilateral bodies
(such as the International Monetary Fund, the World Bank and
Regional Development Banks).
Return to the Top
Jubilee 2000
Proposal
The Jubilee 2000 Charter proposes that:
- There is an
overwhelming need for remission of the backlog of
unpayable debts owed by highly indebted poor countries.
Debt remission should relate to commercial, government,
and IMF/World Bank debts, and debt reduction should
comprehensively include all three forms of debt.
- Creditors as well as
debtors must accept responsibility for these high levels
of indebtedness.
- The remission should
be a one-off, unrepeatable act, tied to the celebration
of the new millenium. It would set no precedents for
future loans.
- The precise details
of remission should be worked out in consultation with
both creditors and debtors for each debtor country.
- These details should
be agreed by arbitrators nominated in equal numbers by
both creditor and debtor, under the aegis of the United Nations.
- Their deliberations
should be transparent and well-publicized, taking into
account for each debtor country, that country's probity,
economic management, social policies and human rights
record.
- Funds available after
the remission of debt should be channeled into policies
which benefit the poor, in line with UNICEF's recommendations for investment in social
development.
- Low income countries
- with an annual income per person of less that US $700 -
should receive full remission of unpayable debt.
- Higher income
countries - with an annual income per person between US
$700 and US $2000 - should receive partial remission.
The Jubilee 2000 Charter is offered as a model for a workable and
acceptable solution to the problem of poor country debt. It would
create a new, disciplined beginning to financial relations
between North and South, and a fresh start for millions of the
world's poor.
Return
to the Top
See also:
The
Jubilee 2000 Web Site
The Jubilee 2000 Petition and Commitment
United Methodist Women table of contents
Women's
Division home page
