OneWorld DebtChannel.org Digest

OneWorld DebtChannel.org Digest
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A weekly e-mail digest of the latest top stories from www.DebtChannel.org
the global portal on international debt from the OneWorld network
www.OneWorld.net. DebtChannel.org features news, analysis, opinions,campaign
news, actions, events and headlines from the leading organisations involved
in the debt issue. Please feel free to forward this e-mail to your friends
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News
http://www.debtchannel.org/news/latest/

Fighting terrorism includes fighting poverty, says US Treasury
http://wbln0018.worldbank.org/NEWS/DEVNEWS.NSF/46773469c477da9285256716…
221/1ae8d7ec251109d485256b14004ee57a?OpenDocument#Story2
In remarks prepared for a speech at Harvard University, US Treasury
Undersecretary for International Affairs John Taylor said that economic
growth was necessary to head off the conditions that foster terrorism.
Taylor continued by saying that it was important not to encourage nations to
default on debts and that there should be less reliance on big loan packages
by countries that get into trouble.

IMF call for international bankruptcy process
http://www.jubileeplus.org/worldnews/northamerica/IMF%20in%20support%20…
bankruptcy%20plan.htm
In a surprise call, the International Monetary Fund's management has thrown
its weight behind a plan for an international bankruptcy procedure. Anne
Krueger, the IMF's first deputy managing director, described the procedure
as "the missing element" that will allow indebted governments to seek legal
protection from their private sector creditors.

Economic rebuilding in Afghanistan starts at debt relief
http://www.oxfam.org.uk/whatnew/press/afghan7.htm
Oxfam International called on the World Bank, International Monetary Fund
and the Asian Development Bank to cancel the Afghanistan debt as the first
step towards economic recovery. Afghanistan's debt to these three agencies
total almost US$42 million.

World Bank and IMF agree on Tanzanian debt relief
http://allafrica.com/stories/200111280811.html
The World Bank and the International Monetary Fund agreed that Tanzania has
taken all the necessary steps to qualify for debt relief under the Heavily
Indebted Poor Countries (HIPC) Initiative. Tanzania is only the fourth
country to reach this point (joining Bolivia, Mozambique and Uganda).

Mozambique gets debt relief from Paris Club
http://www.jubileeplus.org/finance/mozambique_stock.htm
The Paris Club of creditors agreed to reduce Mozambique's debt by $1.65
billion in net present value under the Heavily Indebted Poor Countries
Initiative (HIPC). The country will devote all the resources freed by the
debt relief into priority areas identified in the country's poverty
reduction strategy.

IMF calls for extra aid for poor
http://www.guardian.co.uk/Archive/Article/0,4273,4301842,00.html
The International Monetary Fund has urged the world's richest countries to
boost aid budgets and debt relief efforts to prevent the global economic
slowdown causing more abject poverty in the developing world. In a statement
released after the Ottawa meetings, the IMF warned that the slump would have
greatest impact on the world's poor.

Analysis
http://www.debtchannel.org/views/analysis/

Debt in Sub-Saharan Africa on the eve of the third millennium
http://attac.org/fra/toil/doc/cadtm3en.htm
Since 1996, reports published by the international financial institutions
and the media say that Sub-Saharan Africa has got off to a new start thanks
to adjustment policies in place there. However, a series of social and
economic indicators point in the opposite direction.

Drops of Oil in a Sea of Poverty - the case for a new debt deal for Nigeria
http://www.jubileeplus.org/worldnews/africa/Drops%20of%20oil%20in%20a%2…%
20of%20poverty.htm
The demands of past debt on the democratic government of Nigeria is
handicapping its capacity to resolve growing internal social and ethnic
tensions, says Jubilee Plus in a new report.

Sierra Leone: an IMF's planned route from conflict to poverty
http://www.jubileeplus.org/analysis/articles/Sierra_Leone_IMF_planned_r….
htm
Conflicts have affected eleven countries eligible for debt relief under the
Heavily Indebted Poor Countries Initiative (HIPC) but post-conflict
assistance suffers long delays. Focusing on the world's poorest country
Sierra Leone, with unsustainable debts of US $1.19 billion, a paper from
Jubilee Plus calls for a new just process for dealing with conflict
countries.

Capital flight: a blight on growth?
http://www.id21.org/society/S7bvf1g1.html
The scale of 'capital flight' from developing countries is of increasing
concern. What drives it and what are the consequences? Should, and can,
anything be done? An Oxford University report argues for more action by
developed countries, looking at practical suggestions and policy
implications for curbing capital flight.

Latest Campaigns
http://www.debtchannel.org/campaigns/latest/

Boycott World Bank bonds
http://www.africapolicy.org/docs01/wb0111a.htm
Africa Action supports the boycott of World Bank bonds to put pressure on
the institution to cancel Africa's debt and end the imposition of economic
policies harmful to health. The new effort launched among the African
American religious community is seen as essential to tackle the AIDS crisis
in Africa.

Still waiting for the Jubilee
http://www.jubileedebtcampaign.org.uk/news/press_release-nov15.htm
Jubilee Debt Campaign representatives met UK Chancellor Gordon Brown and
World Bank President James Wolfensohn, in London, to stress that current
initiatives to cancel unpayable Third World Debt are inadequate. Lobbying in
advance of the IMF/World Bank meetings in Ottowa, campaigners sought to
encourage the UK government to push for further debt relief.

Friends of the Earth launch programme to recognise ecological debt
http://www.foei.org/campaigns/EcologicalDebt/indexdebt.htm
Extraction of natural resources, unfair trade rules and the disproportionate
pollution by industrialised countries have all contributed to the ecological
debt. This adds another vast layer of obligation from the industrialised
countries to the Third World. The Friends of the Earth initiative aims to
stop the increase in ecological debt and restore areas affected in
developing countries.

Trading rules must put people first
http://www.wdm.org.uk/campaign/WTO.htm
The World Trade Organisation stands accused of failing poor countries and
citizens in favour of rich nations and corporations. As the Qatar meeting
approaches, it is now vital that huge public concern about WTO rules voiced
in Seattle is not lost. The challenge is to transform this into a real
commitment for change. For more information see the World Development
Movement's WTO campaign.

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