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JUBILEE ACT FOR RESPONSIBLE LENDING AND EXPANDED DEBT CANCELATION (HR 2634)
Background:
Over the last few decades, poor countries have accumulated billions of dollars in international debt, most of which accumulated because of poor lending decisions, support from Cold War allies, natural disasters and poor decisions by corrupt dictators.
For the world’s most impoverished countries, the cost of debt has overshadowed their ability to provide access to clean water, adequate housing and basic healthcare.
Rather than allowing countries to spend their savings to supply these basic needs, wealthy nations and institutions have historically pushed loans on poor countries, which multiply in dollars over time because of rising interest rates.
ABOUT THE BILL
The Jubilee Act expands debt cancellation to the 26 countries that require it to meet the Millennium Development Goals.
This legislation ensures that debt cancellation funds go to poverty reduction by requiring a report of how each country used the money and calling on governments to make these spending reports easily accessible.
Furthermore, The Jubilee Act prohibits harmful economic conditions such as the mandated privatization of water and electricity, as well as freezing the salaries of healthcare workers and teachers and prohibiting additional workers from being hired.
The Jubilee Act also puts safeguards in place to prevent countries from falling back into debt by calling on the U.S. Treasury to support 100% grants for impoverished countries so that there will be less need for future borrowing.
Finally, debt cancellation is a tested and effective tool for fighting poverty. Savings from debt cancellation to date has allowed Zambia to hire 4,500 new teachers and provide free healthcare in rural areas. In Honduras, debt relief is being used to eliminate fees for primary education, allowing thousands of children to return to school.
ASK
Please co-sponsor the Jubilee Act so that poor countries stop repaying debts and start investing in education, adequate housing and basic healthcare.
