total debt cancellation for poverty reduction
- HUMAN-NEEDS BASED DEBT SUSTAINABILITY ANALYSIS: A MAJOR CHALLENGE FOR ZAMBIA – August 2005; With the attainment of the HIPC Completion point in April this year, Zambia is now faced with a great challenge of comprehending the meaning of debt sustainability. The country’s 5 years’ experience of implementing the HIPC initiative continues to show the dangers of basing debt sustainability on a narrow economic and financial definition.
- The Meaning of the HIPC Completion Point to Zambia is it Worthwhile? – The Heavily Indebted Poor Countries Initiative (HIPC) was initially introduced by the international creditor community in 1996 and was “enhanced” in 1999. The IMF and World Bank assumed the role of “gate keepers” in this initiative- to ensure that this initiative was to be accompanied by “sound” macro-economic policy … (full text HIPC Centre, see also on IMF).
About /Background and FAQs: Jubilee-Zambia is a national movement campaigning for the total cancellation of all Zambia’s foreign debt and that of other poor countries.
The main goal of the campaign is to achieve effective and equitable debt cancellation that results in increased poverty eradication.
This movement was formed in August 1998 as an initiative of the three main church bodies in Zambia, namely the Zambia Episcopal Conference (ZEC), the Evangelical Fellowship of Zambia (EFZ) and the Christian Council of Zambia (CCZ).
It comprises trade unions, student groups, academicians, private sector, the church, women groups and interested individuals.
Jubilee-Zambia is part of the world wide movement to lobby the international financial institutions such as the IMF and World Bank, including bilateral creditors to cancel the unpayable debt of the poorest countries of the world through a transparent and fair process. The movement challenges the injustice inherent in international financial relations.
Jubilee-Zambia asserts strongly the co-responsibilities on the creditors as well as the debtors for the creation of high levels of debt prevalent in most of the poorest countries of the world. It also asserts that the powerful G-7 nations have leverage over the the international financial system. Moreover, the elite leaders in debtor countries have an in-built incentive to over-borrow.
Jubilee-Zambia, Alive and Well and Active, Why Jubilee-Zambia continues to exist, 4 pages.