In July 2005, world leaders promised immediate and irrevocable debt cancellation for 18 countries. The International Monetary Fund is now backtracking on this commitment. This month, the IMF published its plan for implementing debt cancellation. Part of the plan is a final economic test that these countries must meet, even though these countries have already complied with decades of onerous conditions as requirements for debt cancellation.The excuse the IMF is giving for the delay is that the six countries are said to be "off track" with IMF economic programs, despite recent favorable economic reviews by the IMF itself. This move threatens access to debt cancellation for six countries: Ethiopia, Madagascar, Mauritania, Rwanda, Senegal and Nicaragua.
Despite the fact that these debts were largely illegitimate in the first place – the result of irresponsible lending to despotic regimes and for failed projects – these extremely impoverished nations have been paying the IMF at the expense of desperately needed investment in health, education and clean water. Further delays to debt cancellation will cost lives.
Join leading advocates for impoverished country debt cancellation and call on the IMF to not be the Grinch who stole debt cancellation. This takes place ahead of the IMF's Wednesday board meeting, which will finalize the details of a debt cancellation deal for 18 countries. Fully one-third of those promised debt cancellation are now in danger of being denied cancellation by the IMF.
When: Tuesday, Dec. 20, at noon
Where: Murrow Park (18th and H Streets NW)
More Info: Hope Chu at 50 Years Is Enough Network (202/436-2265), Debi Kar at Jubilee USA Network (202/783-0215) or Ann-Louise Colgan at Africa Action (202/546-7961)
Take Action: Send emails to key Executive Directors at the IMF