Debt and Poverty

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Title: Debt and Poverty

Organiser: Jubilee Youth.

Participants: Over 50

Key speakers: from Kenya, Peru, Bangladesh, Phillipines, Haiti, Ivory Caost, Mozambique.

Summary of issues covered:

Debt owed by the developing countries ought to be cancelled unconditionally for this is the only way to improve the living conditions of the common man

The rise in debt among the developing countries is propagated by bas bad World bank and IMF policies which favour the developed countries.

In countries such as Bangladesh at least a third of countries GDP goes towards the payment of debt.

It was also said that a good number of the very decision makers were once employees of the World bank and IMF and are still earnig their pension thus they cannot make impartial decisions.

Most of the money borrowed was used in buying millitary equipment or in some cases misused through corrupt governments yet the current and future generations are being forced to pay.

That debts are slowly but surely subjecting third world countries to death since they cannot meet the basic needs such as health, water, education etc.

Recommendations

There is need to do away with both the IMF and World Bank. Thereafter all countries can come together and look at economic policies afresh

That although the World Bank claim to be striving to achieve a world free of poverty, this will remain but a pipe dream. Hence the civil society will continue working together till these debts are cancelled.

Participants agreed to make it very clear that they are are not calling for debt releif but total and unconditional debt cancellation.

Report by Peter Gichiri

Date: January 23rd 2007.