(09-26-2005) Bono Applauds Debt Cancellation Drive -- AFP*

[dsmith2904]

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Bono Applauds Debt Cancellation Drive

WASHINGTON (AFP) - Irish rock star Bono applauded a plan by the world's top finance officials to wipe out 40 billion dollars in multilateral debt to poor countries.

He said an agreement by the World Bank and the International Monetary Fund (IMF) to cancel the debts was a "great day for the poorest people on the planet."

"This is not a charity issue, this is a justice issue," he said, saying the "next injustice to be torn down is the bullying tactics" of the World Trade Organisation.

Two days of meetings of ministers from the world's richest countries plus World Bank and IMF policymakers reached an unexpected agreement on debt relief here over the weekend.

The decisions now go to the executive boards of the two institutions, where rejection is considered highly unlikely.

Under the plan an estimated 40 billion dollars in debt owed by 18 highly impoverished countries, including the 14 in Africa, will be wiped out.

 

[Zooropa man]

Well done Bono!

 

[Lally1011]

YAH WAY MAN!

 

[Nube Gris]

what an achievment Bono!
you rule the world

 

[Jamila]

Very nice to give Bono the credit for this decision by the World Bank/IMF, but he would be the first to remind us that it is the hard work of individuals around the world who have been advocating for debt cancellation for years that are the REAL HEROES.

So what this decision should show us is HOW EFFECTIVE WE CAN BE in changing the world for the better.

 

[cathou_u2]

Totally agree with you Jamila...but in the end Bono kinda represent into the public eye...these millions of individuals!!!

Claps hands for BONO!!!

 

[Teta040]

Since Mr. Bolton has made any meaningful progress on the Millenium Challenge Fund next to impossible at the global level for now (back-door "compromise" in Washington or not, those 400 "amendments" changed EVERYTHING at the UN), this is highly welcome news.

It seems Bono is not letting Mr. Wolfowitz forget the promises he made to him on the phone last spring. He isn't letting him off the hook. I'm sure there were some unreported phone conversations recently. So far it seems Wolfowitz is willing to play ball. Let's hope, too, that this "one step forward" is not going to be "two steps bacK" for other countries or other progressive DATA-related global goals.

Sorry but after Katrina I am ESP distrustful of politicans these days

 

[jobob]

Is this $40 billion in debt forgiveness in addition to the $40 billion which was forgiven by world governments this summer?

If so, then that's $80 billion in Third World debt Bono has successfully lobbied to have forgiven this year.

Let me say that number again: $80 billion in Third World debt.





This man deserves the Nobel Peace Prize.

 

[wizard2c]

reply

 

[oktobergirl]

Is this $40 billion in debt forgiveness in addition to the $40 billion which was forgiven by world governments this summer?

No. it's the same. it was proposed at the g8. the imf and world bank had to back and approve it. at this point, it's all but a done deal. it is a good thing, but there is rumour there are still harmful conditions attached to this debt relief "package".

More info can be found here:
http://www.jubileeusa.org/jubilee.cgi?path=/press_room&page=release092405.html

 

[Jamila]

And actually in the articles at JubileeUSA about this agreement, one of the articles states that this debt cancellation won't even be effective for the 18 countries until possibly July 2006!

So, while it's a victory - it's still too small of a step.

Celebrate - yes, but know the facts.