[stop-imf] Rep. Waters statement at IMF/World Bank Unhappy Birthday Party

[Robert Weissman]

                              PRESS RELEASE

For Immediate Release
Contact:
Betty Edwards
April 21, 2004
(202) 225-2201

                  CONGRESSWOMAN WATERS ANNOUNCES PLANS

                      TO INTRODUCE THE JUBILEE ACT

                   TO CANCEL POOR COUNTRIES' IMF DEBTS

        Washington, D.C. -- Today, Rep. Maxine Waters (CA-35) announced
plans to introduce the Justice and Understanding By IMF Loan Elimination
and Equity Act or the JUBILEE Act.  The JUBILEE Act will completely
cancel the debts that poor countries owe to the International Monetary
Fund (IMF).  She made the announcement in a statement that was read to
an enthusiastic crowd at an "Unhappy Birthday" rally, organized by the
Jubilee USA Network to demand that the IMF and the World Bank cancel
poor country debts.  The Congresswoman's statement follows:

                  "I would like to thank Marie Clarke, with the Jubilee
          USA Network, for inviting me to this most Unhappy Birthday
          Party for the IMF and the World Bank, and I would like to
          thank all of you in the worldwide Jubilee movement for your
          continuous and steadfast support for debt cancellation for the
          world's poorest countries.

                  "In the year 1999, the worldwide Jubilee movement
          reminded us that the Lord instructed the people of Ancient
          Israel to celebrate a Jubilee -- or a Year of the Lord --
          every 50 years.  During a Jubilee Year, debts were forgiven.
          The Jubilee movement brought this simple Biblical concept of
          debt forgiveness into the complicated worlds of politics and
          finance.

                  "Countless clergy, members of religious orders,
          dedicated church members and other activists explained to
          Members of Congress how debt payments took food from the
          mouths of the poor and caused 19,000 children to die every day
          in the world's poorest countries.  The Jubilee movement opened
          our eyes to the fact that countries such as Zambia, Tanzania
          and Nicaragua spent more on debt service payments than they
          spent on health and education combined.  Groups such as
          Catholic Relief Services, the Episcopal Church, the Africa
          Faith and Justice Network and the American Friends Service
          Committee brought a moral authority to political debates and
          helped us to understand that canceling the debts of the
          world's poorest countries was the right thing to do.

                  "In response to this unprecedented movement, the
          United States and other bilateral creditors agreed to cancel
          virtually all of the bilateral debts owed by poor countries.
          Unfortunately, the IMF and the World Bank refused to provide
          their fair share of debt relief, and many poor countries are
          still struggling under the burden of their debts.  Other poor
          countries, such as Nigeria, the Philippines and South Africa
          received no debt relief at all.

                  "Many poor countries are being forced to pay debts
          that resulted from loans to corrupt and brutal dictators,
          which used the money to enrich themselves or repress their
          populations.  Nigeria's debt was incurred under the
          dictatorship of Sani Abacha.  The Philippines' debt was
          incurred by Ferdinand Marcos, and South Africa's debt is the
          result of decades of white minority rule under the brutal
          system of apartheid.  The people of these countries did not
          receive any benefits from these loans, and it is unjust and
          immoral to expect them to pay back the debts.

                  "I am planning to introduce a bill to require the IMF
          to cancel all of the debts owed by heavily indebted poor
          countries.  My legislation, the Justice and Understanding By
          IMF Loan Elimination and Equity Act or the JUBILEE Act, will
          bring the Biblical concepts of justice, understanding and
          equity to the IMF.  The JUBILEE Act will provide debt
          cancellation to all of the poor countries included in the
          IMF's debt relief program as well as Nigeria, the Philippines,
          South Africa and several other poor countries that were
          excluded by the IMF.

                  "This year, the IMF celebrates its sixtieth birthday.
          The JUBILEE Act is my birthday gift for the IMF!

                  "President George W. Bush often reminds us of the
          importance that religion plays in his life.  I urge him today
          to provide the leadership necessary to persuade the IMF and
          the World Bank to do the right thing and forgive the debts of
          the poor.  I urge President Bush to bring the Biblical
          principles of justice and charity into the boardrooms of these
          powerful institutions."

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