International Convention on Debt - 4th July 2005

Debt campaigns from all over the world were represented in Edinburgh on Monday for an International Convention on Debt and Development. This was facilitated by Gail Hurley of the European Network on Debt and Development (EURODAD) and Charity Musamba of Jubilee Zambia. Organisations from Africa, Asia, Europe, North America and Latin America met to discuss the recent G8 debt proposal and how to take the campaign forward in the aftermath of the G8 Summit.

Overwhelmingly, the participants rejected the G8 debt proposal as a mere drop in the ocean compared to what needs to be achieved if poor countries are to exit the debt poverty trap. Some argued that the deal represented a move forward for the issue, especially concerning the cancellation of IMF debts and the move from mere debt relief to real debt stock cancellation. However, others saw the benefits as insignificant in comparison to the drawbacks. In particular, the debt deal is hedged all about with conditions and interference by the G8; these conditions are hidden, however, by the fact that the debt relief is only being offered to post HIPC completion point countries. All the countries that qualify for this deal will have already implemented reforms that reinforce the dominance of Western commercial and political interests over them.

The strongest criticism, though, was directed at the fact that this debt proposal is overwhelmingly to be funded by shifting money from aid to debt cancellation budgets. As a result, this deal represents a tiny net gain for the 18 indebted countries who would first benefit from it.

5th July - International Press conference
Jubilee Scotland proposed that the convention hold an international press conference at which the assembled campaigners would expose the G8 debt deal as flawed and hugely disappointing - particularly compared to the hype and self-congratulations coming from the G7 Finance Ministers at the time of their meeting last month.

Led by JDC and EURODAD, campaigners worked late into the night to produce a joint statement. The press conference took place the following morning at the Quaker Meeting House. Despite the short notice, journalists attended from over five countries. What is clear is that internationally the Jubilee movement is not impressed by the rhetoric coming so far from the G8. We demand a real provision for full debt cancellation for all heavily indebted countries.