Jubilee 2000: Debt in the News Archive

News Archive
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Jubilee 2000 UK Coalition prepares to raise the stakes at G8 Summit,early drafts of as reports of Cologne communiqué reveal attempts by creditors to stall on debt relief (24 May 1999)

Nigerian President-Elect, Obasanjo makes pledge to Jubilee 2000 to fight corruption and appeals for "substantial and immediate" debt relief for Nigeria (24 May 1999)

World Bank and IMF spring meetings provides a few new options on the debt relief menu, but fails to satisfy the global appetite for solving the debt crisis (19 May 1999)

Comic Relief launches Debt Wish Campaign – calling for debt to be cancelled as the "single biggest thing that we can all do to reduce global poverty” (17 May 1999)

World Bank push IMF on Zambia, as British politician sees debt effect first-hand (13 May 1999)

Human Chain formed around Asian Development Bank Meeting in Manila, as church leaders condemn bailout of companies and banks while the poor suffer (13May 1999)

Current conditions on debt relief are "immoral blackmail" to impose “irrational” economic policies on Africa, says Ethiopia's prime minister. (10 May 1999)

The World Bank admits HIPC is “insufficient” to reach 2015 poverty reduction targets and implicitly criticises IMF imposed of ESAF structural adjustment. (29 April 99)

Tribunal on Foreign Debt in Brazil declares debt "iniquitous and illegitimate" and calls for creditors to be judged in court for causing the debt crisis. (29April 99)

Japanese Jubilee 2000 casts doubt on reports of Japanese government initiative. (28 April 99)

Italy to waive $1.6 billion poor country debt. (28 April 99)

World Bank and IMF meetings prompt widespread coverage of Jubilee 2000 campaign in the US (28 April 99)

World Bank and IMF meetings prompt widespread coverage of Jubilee 2000 campaign in the US (28 April 99)

Jubilee 2000 has won a "famous victory" but much more pressure is needed to bring about sufficient debt cancellation, warns the (London) Guardian. (26 April 1999)

Debt service payments will not fall under HIPC, the World Bank and IMF have admitted in a joint paper to their boards. This confirms claims made by Jubilee and repeatedly denied by the Bank and Fund. Only six countries will get debt relief by the end of 2000. (23 April 1999)

Rioting breaks out in the streets of Jamaica in protest against rises in fuel taxes. spending 60% of its budget on Jamaica is debt payments (22 April 1999)

Failure to give deeper debt relief shows 'international selfishness' says UNDP. Unless substantially more debt is cancelled, poverty will increase. (22 April 1999)

IMF and World Bank secretly admit that their efforts to relieve the debt of the poorest countries is having the opposite effect in some countries (20 April 99)

Brazil to put debt in the dock. Jubilee 2000 Brazil will hold at a special foreign debt tribunal in Rio 26-28 April. (18 April 1999)

IMF & World Bank review gives priority to Jubilee 2000 proposals and admits deep criticism of HIPC -- both as being too little and too slow, and of the process itself. (16 April 1999)

British Members of Parliament launch global parliamentary link-up for Jubilee 2000. (16 April 1999)

IMF Gold Sales look certain as pressure increases for deeper debt relief. (16 April 1999)

Making a big noise: The latest news on music biz support for Jubilee 2000. (16 April 1999)

Mozambique's president backs Jubilee 2000 and calls for total debt cancellation, while South Africa announced that it planned to cancel Mozambique's debt to South Africa, which is recognised as an "odious" debt. Meanwhile, Mozambique is still having problems with conditions imposed under the HIPC debt relief. (13 April 1999)

France calls for debt relief for Albania and Macedonia because of the cost to them of the war in neighbouring Kosovo. (12 April 1999)

IMF takes $1 billion in two years from Africa as official report reveals five new reasons to Drop the Debt. (7 April 1999)

7 US supporters arrested during action outside the IMF in Washington DC. During a peaceful Easter action, highlighting the need for urgent debt cancellation for the poorest countries, 7 people were arrested for trespassing at the main entrance of the International Monetary Fund (IMF) in Washington DC. (7 April 1999)

Japanese Finance Ministry challenged to become key player in debt cancellation, in `Miyazawa action' organised by Jubilee 2000 (31 March 1999)

Mozambique forced to rush complex tax changes to meet conditions for HIPC debt plan. Mozambique fears debt relief will be delayed as critics say IMF is increasing confusion and corruption. (26 March 1999)

Canada breaks the debt dam, by declaring that it is prepared to go it alone with debt cancellation for the world's poor (26 March 1999)

G7 Finance Ministries join 'beauty contest' for Jubilee 2000 at London roundtable meeting. Jubilee 2000 says the creditors still have a long way to go (26 March 1999)

Southern Africa Jubilee 2000 calls for debt cancellation and reparations, and argues that conditions must be set by civil society in the South, not as part of northern imposed adjustment. (22 March 1999)

Clinton proposes a headline figure of $70 billion debt relief. His proposal builds on initiatives by the French, German and British Governments, but still does not deliver effective debt relief (22 March 1999)

Commonwealth Secretary General calls for "complete write off of external debt for some of the poorest countries" at review of HIPC debt initiative (22 March 1999)

The British Prime Minister, Tony Blair, met with Jubilee 2000 leaders after an all-night vigil at Downing Street (12 March 1999)

New campaign handbook tells of the southern resistance against debt slavery and economic bondage (11 March 1999)

New President of Nigeria sweeps to victory and inherits a debt of $30 billion. People will continue to pay the price of odious debts. (5 March 1999)

British Chancellor Gordon Brown backed Jubilee 2000 in an emotional speech to 4000 people at St. Paul's Cathedral in London. But Jubilee 2000 director Ann Pettifor told the Chancellor he had to do more. (8 March 1998)

UK Chancellor, Gordon Brown breaks 'budget purdah' to address public rally for Jubilee 2000 in St Paul's Cathedral on March 7 (5 March 1999)

Women's Organisations issue joint statement on debt to coincide with International Women's Day on March 8 (5 March 1999)

Oxfam reports on the human face of debt in Tanzania as the poorest people bear the brunt of a crushing international debt (5 March 1999)

Archbishop of Peru confirms church backing for Jubilee 2000 after initial statement that the Pope did not support the Jubilee 2000 petition campaign (25 February 1999)

UK Chancellor Gordon Brown and Secretary of State Clare Short debt initiative following the Drop the Debt campaign, builds on Mauritius Mandate (25 February 1999)

Director of Italy's Central Bank claims that Jubilee 2000's goals are realistic and can be achieved by the year 2000 (25 February 1999)

British music industry's backing of Jubilee 2000 receives global coverage, as newspapers and entertainment media report on the award of Freddie Mercury Prize to the Campaign (25 February 1999)

Gordon Brown, UK Chancellor responds to Drop the debt Campaign by pushing for $50 billion debt reduction, but Jubilee 2000 says more is needed (19 February 1999)

Uganda debt unsustainable again. Clare Short confirms that Uganda is back to square one (19 February 1999)

Muhammad Ali and Bono to attend Brits launch of Drop the Debt Campaign (12 February 1999)

IMF and World Bank announce details of HIPC review, but they say the G8 meeting is more important for deciding debt cancellation. (9 February 1999)

A bill introduced by US Congressman Jesse Jackson Jr would curb African debt service payments at 5% of exports. A unique aspect of the bill is a method to cancel private debts. (4 February 1999)

The Clinton administration is the latest government to pledge wider debt relief for the poorest countries. (2 Feb 1999)

Wall Street Journal says a bankruptcy procedure would be “a well-established and effective way to address the [poor country] debt problem” (2 Feb 1999)

New report on Nicaragua and the effects of Hurricane Mitch examines the role debt and 'free-market' economic policies played in creating a vast human and environmental disaster (29 Jan 1999)

Nobel Peace Prize Winner says debt is “massive violation of human rights” at founding conference of Jubilee 2000 Latin America (27 January 1999)

TV stars, musicians and bankers join together to launch flemish Jubilee 2000 campaign in Belgium (27 January 1999)

Sixteen Latin American countries launched the continent-wide Jubilee 2000 campaign with a call to limit debt service to 3% of the government budget. (25 January 1999)

Global Chain Reaction gets early boost as German Chancellor calls for “radical debt reduction in many of the poorest countries” (22 January 1998)

Latin America comes together for debt cancellation. Representatives from 17 countries gather in Tegucigalpa, Honduras to call for their cancellation of debts that keep their people in poverty (22 Jan 1999)

Brazil devaluation shows unsustainable debt at the heart of the crisis, as IMF receives severe criticism in the world's media (20 January 1999)

Fifty-four Members of Congress Call on President Clinton to Cancel Central American Debts (19 January 1999)

Former Japanese Prime Minister heads up working team on Jubilee 2000. Inter-Parliamentary Union of over 100 Parliaments backs campaign (18 Jan 1998)

United Nations Development Programme Special advisor dedicates Rome Prize for Peace and Humanitarian Action to International Jubilee 2000 movement (18 Jan 1998)

Wangari Maathai, Coordinator of Jubilee 2000 Kenya attacked by security guards at environmental protest; international movement calls on the Kenyan Government to take immediate action to protect its citizens (13 January 1999)

Not all of Mozambique's creditors have agreed to reduce its debt, despite the announcement last year of a `comprehensive' relief package. At least six remain outside and are demanding hundreds of millions of dollars. (8 January 1999)

IMF admits HIPC debt relief is inadequate. Malawi does not have enough debt to qualify for HIPC, but in a report the IMF calls its debt burden “onerous”. It also implicitly questions loans to former dictator Hastings Banda. (5 January 1999)

The IMF attacked the London Times for reporting that Mozambique had to increase health charges as a condition of debt relief. But the Times was right and the IMF was wrong. (5 January 1999)

The Pope, Salman Rushdie and Bono from band U2 all call for the debts of the impoverished nations to be cancelled for the Millennium. (8 January 1999)

Debt is a human rights issue and a new special rapporteur on debt will report soon to the UN Human Rights Commission. Organisations can submit evidence to the rapporteur. (8 January 1999)

US Newspaper calls for the spirit of the Marshall Plan to be resurrected in support of the Jubilee 2000 campaign (8 January 1999)

Debt and the IMF have forced Brazil to abandon a key programme to protect the rainforest which was agreed at the 1992 Earth summit. (6 January 1999)

US officials and banks fear that Russia plans to default following its failure to make $362 million in payments due in December. (5 Jan 1999)

Paris Club will add interest payments to the debts of Nicaragua and Honduras despite moratorium (24 December 1998)

Rejoicing in Hope for debt cancellation at the World Council of Churches. As debt visibly takes its toll on Zimbabwe, participants call for urgent action. (17 December 1998)

US lifts nuclear sanctions against Pakistan to prevent it defaulting. Brazil & Indonesia were also bailed out. But Russia & Ukraine have defaulted. (17 December 1998)

Apartheid Foreign Debt revealed by new research to be more than R100 billion. German and Swiss banks increased their investments at height of apartheid. (17 December 1998)

Malawi, one of Africa's poorest countries, has been refused debt cancellation. Instead, donors have offered to help pay the debt. But only 10% of government revenue will be spent basic services, while 25% will go to debt service. (15 December 1998)

Paris Club of Creditors freeze debt payments for 3 years, but fail to deliver necessary debt cancellation for Central America (10 December 1998)

Mozambique's parliament called for “total and unconditional cancellation of Mozambique's foreign debt”, after it was told by Deputy Finance Minister Luisa Diogo that debt cancellation under HIPC debt initiative “will produce no significant impact on future debt payments”. (5 December 1998)

French-German axis on debt relief emerges, as German government declares that the German Jubilee 2000 Campaign demands are justifiable (4 December 1998)

Sub Saharan Africa, one of the most highly indebted regions in the world, has become the worst region for AIDS incidences (4 December 1998)

Will the IMF take advice from the Pope? (4 December 1998)

Creditors respond to the demands for debt relief, but they fail to cancel debts (4 December 1998)

Jubilee 2000 Coalition Director calls for end to secrecy over Kenyan loans, at conference in Nairobi (4 December 1998)

Local activists across the UK organise Jubilee 2000 events to mark 400 days to the Millennium (27 November 1998)

British development secretary Clare Short criticized anti-debt campaigners, but Jubilee 2000 says that in stressing aid over debt relief she has misunderstood the need for both. (25 November 1998)

From the Philippines to Somalia, money has been lent to prop up dictators. This accounts for 22% of all poor country debt. Is it right to force repayment of that debt by the people who suffered under the dictators? (25 November 1998)

Creditors should not set conditions for debt cancellation, according to Jubilee 2000's first international conference in Rome. The conference called for the cancellation of apartheid debt, debt in Honduras and Nicaragua, debt incurred by repressive regimes, and debt that cannot be serviced without placing a burden on the poor. (18 November 1998)

Debt forces people to exploit the environment, causing desertification and migration, warns OAU head. (12 November 1998)

The IMF joins the World Bank in accepting the calls for another review of HIPC (12 November 1998)

Odious and apartheid debts should be cancelled and debt relief should not be linked to structural adjustment, southern African MPs say. (10 November 1998)

Clare Short, UK Minister for International Development backs down and then sows confusion, as demands grow for debt cancellation for Honduras and Nicaragua. (9 November 1998)

Campaigns call for cancellation of central American debts in wake of hurricane Mitch. Clare Short, UK Secretary of State for International Development calls debt relief an “irrelevance.” (6 November 1998)

Japan resists pressure by Paris Club of creditors to deny debt relief to Bolivia. (6 November 1998)

Afrika Campaigns surge ahead with public launches in Uganda, Zimbabwe, Zambia and South Africa (4 November 1998)

G7 Finance Ministers call for an insolvency process for poor countries. Economists and business magazines now demand a process that allows countries, like business, to stop debt service payments in a crisis. (30 October 1998)

The IMF again rejects calls for deeper and faster debt relief for the poorest countries. Deputy managing director Stanley Fischer says the IMF can't afford it, and poor countries will waste the money anyway. (29 October 1998)

Half of Nicaragua's government revenue goes on debt service, yet debt relief is being delayed, according to a new Oxfam report. (28 October 1998)

Paris Club lobbies to block debt relief for Bolivia (23 October 1998)

IMF intervenes in Kenya teacher's strike stating that no new loan facility will be given to the Kenyan government if a pay deal is agreed with the teachers. (23 October 1998)

International health organisations put people before economics and call for urgent action on debt relief. (23 October 1998)

UK Coalition Assembly re-commits itself to the fight for debt relief. (23 October 1998)

French and Japan launch Jubilee 2000 campaign, adding the final links to the chain of pressure on the G8. (22 October 1998)

Finland becomes first creditor government to officially back Jubilee 2000 (16 October 1998)

Developing countries of the G77 have collectively called for a moratorium on debt service payments. They say it will stimulate the world economy. (12 October 1998)

Revd Jesse Jackson writes on the 'immorality of bleeding the impoverished' and promises to push for further action from the US govt (12th October 1998)

Revd Jesse Jackson backs campaign, and promises to push for further action from the US govt (7 October 1998)

Jubilee 2000 USA National conference inspires religious representatives to take the debt issue home (6th October)

Anne Pettifor from Jubilee 2000 Coalition in the UK, confirms the campaigns absolute commitment to the deadline of 2000 (5th October)

Canada says cancel all African debt. Meanwhile, the Swedish development minister has backed Jubilee. (5 October 1998)

Europe owes the United States $32 billion and is refusing to pay these debts dating from the First World War. (1 October 1998)

World press backs Jubilee 2000, as Asia Crisis turns spotlight on poor country debt (1 October 1998)

Latin America faces a new financial crisis as it emerges from the debt crisis of the 1980s. Oscar Ugarteche from the University of Peru, proposes ways out of the current crisis (September 1998)

Finland's parliament is discussing unilateral cancellation of poor country debt, following Norway's lead. (29 September 1998)

Mozambique's president calls for debtors to unite to fight for debt cancellation. He rejects HIPC relief as inadequate. (25 September 1998)

World Bank agreed a `fundamental' HIPC review, to ask how much debt is “sustainable”. But the IMF and Germany are opposed. (22 September 1998)

Britain should cancel poor country debt unilaterally, and must insist that development considerations are included in debt sustainability analysis, said the World Development Movement in a new briefing paper. (22 September 1998)

Britain could cancel poor country debt for only £2 per taxpayer per year, according to a new Jubilee 2000 study. (21 September 1998)

Almost exactly a year ago at the Commonwealth Finance Ministers summit in Mauritius, the British Chancellor Gordon Brown set out the British government's policy on debt. (September 16th 1997)

HIPC offers no hope for Africa, according to a prominent trade official. (10 September 1998)

UN calls HIPC "disappointing". Rich countries found $100 billion for Asia, but lack political will to find $7 billion for HIPC. (9 September 1998)

Major US business magazine calls for a global debt write off. "It’s time for a clean financial slate" says BusinessWeek (7 September 1998)

Debtors should form a negotiating bloc because creditors lack the political will to cancel debts, say African experts. (7 September 1998)

Oxfam reports the World Bank/IMF HIPC review missed the chance to re-energise the process. Summary of the review. (3 September 1998)

Nigerians say pay the debt with money stashed abroad by the generals. (2 September 1998)

Who is responsible for Russia's debt? All the money lent by the IMF has come straight back to Western banks. (31 August 1998)

Graça Machel calls for debt cancellation and more transparency in debt negotiations. She spoke at a Maputo debt meeting. (31 August 1998)

Zanzibar plans to "bulldoze paradise" to raise money to repay Tanzania's foreign debt, says the London Observer. (30 August 1998)
Norway to unilaterally cancel $180 million debt. Norway will unilaterally cancel debt for the poorest countries, and has directly challenged countries like Britain to do likewise (24 Aug 1998)

US Congresswoman McKinney backs Jubilee 2000 in letter to colleagues. Text of letter. (4 August 1998)

Debt is like one of the Biblical Job’s afflictions, according to African churches. (28-31 July 1998)

Lambeth Conference Update: Debt has been high on the agenda of the Anglican Communion World Conference (29th July)
UK House of Commons Big Guns back Debt Bill: Jubilee 2000's first legislation backed by key Commons Committee Chairs (22nd July)
Accra Declaration: The public declaration from the launch of the Jubilee 2000 Afrika Campaign (22nd July)
Mozambique Debt: World Bank official in Mozambi