Debt cancellation works

clipped from www.one.org For the world’s most impoverished countries, the cost of debt overshadows their ability to provide access to clean water, education and basic healthcare. Some countries spent as much as 25-30% of their annual budgets servicing their debt, more than was spent on education and healthcare combined. Debt cancellation would help ensure funds were used for poverty reduction, ultimately decreasing poor countries dependence on foreign aid. While the debt crisis is far from over, the U.S. and other industrialized countries have taken action to relieve debt burdens in many of the most impoverished countries and these commitments have proven effective. Mozambique used its debt service savings to vaccinate children against tetanus, whooping cough and diphtheria, as well as build and electrify schools. Nigeria is using the $750 million in debt service savings from 2006 to train and recruit new teachers.

Ask your Member of Congress to cosponsor the Jubilee Act (HR 2634) which will extend debt cancellation without imposing harmful economic conditions on all impoverished countries that are required to meet the Millennium Development Goals.