[stop-imf] Act Now For Freedom From Debt!

[Robert Weissman]

Take Action. Now!

*Act Now For Freedom From Debt!*

Dear Friend of Africa Action,

The Finance Ministers from the seven wealthiest countries known as the
G-7 will meet in Washington DC on April 15^th in advance of the Spring
Meetings of the International Monetary Fund (IMF) and the World Bank.
Thanks to your efforts, at the last meeting of the G-7 they announced
their agreement (in principle) on =93up to=94 100% debt cancellation for as
many as 40 of the world=92s poorest countries, the majority of them in
Africa. In April the G-7 will continue the discussion. *We need your
action today* *to ensure that the U.S. government works to achieve 100%
debt cancellation, without harmful conditions for all African countries
in the next couple of weeks!* Please sign the letter below to President
George Bush and Treasury Secretary John Snow today!

Africa Action is encouraged by the fact that the G-7 has agreed in
principle to up to 100% debt cancellation. However, the devil is in the
details. There are two proposals on debt reduction for a number of
impoverished countries. The U.S. proposal calls for 100% debt
cancellation for 40+ countries by the two largest creditors, the IMF and
the World Bank. The alternative, a British proposal for debt relief (not
cancellation), covers a smaller number of countries and it requires that
wealthy governments (and their taxpayers) cover the costs of paying back
these debts on behalf of poor countries for the next 10 years. We at
Africa Action want to ensure full debt cancellation by the IMF and World
Bank for all African countries. *Your action today could make the
difference between life and debt.*

*Just the Facts!*

    *
      **African countries are forced to spend more money paying back old
      and illegitimate debts to rich countries and institutions than
      they are able to spend on healthcare or education for their own
      citizens.
    *
      Africa's massive external debt burden is the single biggest
      obstacle to the continent's development and to the fight against
      HIV/AIDS.
    *
      The $300 billion that African countries owe to foreign creditors
      represents a crippling load that undermines economic and social
      progress.
    *
      *The All-African Conference of Churches has called this debt/ "a
      new form of slavery, as vicious as the slave trade." /* *_Now you
      can help change that!_ *

*Two things you can do to win a victory on debt.*

   1. *Sign the below* that will be sent to President Bush and Treasury
      Secretary Snow calling for 100% debt cancellation.
   2. If you are a religious leader, please consider signing on to a
      special religious leader letter being circulated by Africa
      Action=92s Religious Action Network. *Read the Letter* and to *add
      your signature*, please write mclarkebrill@africaaction.org
      <mailto:mclarkebrill@africaaction.org>. The Religious Leader
      Letter will be delivered on April 15^th , so signatures are due to
      the Africa Action office by April 11^th .

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