Debt Relief

Debt cancellation for the world’s poorest countries is central to the fight against poverty and key to ensure the achievement of the Millennium Development Goals (MDGs). Many poor countries spend more each year to repay decades-old debt to the world’s wealthiest countries and international institutions like the World Bank and International Monetary Fund (IMF) than they do on the fight against poverty, including stopping the pandemic of HIV/AIDS, putting children in school and ensuring access to clean water.

Debt is draining the budgets of poor countries. Most poor countries spend as much of their annual budget on debt repayment as they do on social services like health and education. Moreover, many highly-indebted poor countries also spend more on debt repayment than they receive in foreign aid. For example, Sub-Saharan Africa, the poorest region in the world, receives about $13 billion annually in international aid but spends nearly $15 billion every year repaying old debts. 

You can help ensure world leaders keep promises made in 2005 while extending 100 percent debt cancellation to all poor countries whose debt burden prevents them from meeting the Millennium Development Goals (MDGs). The House and Senate are poised to reintroduce the Jubilee Act this summer.  Visit ELCA e-Advocacy network and www.jubileeusa.org to stay informed about how you can take action in support of further debt cancellation. 

To learn more, click here  to read the ONE Lutheran debt fact sheet.