*PRESS AND MEDIA RELEASE*

Go for the Gold, Dr Cullen - Cancel the debt

1st October 2004

Jubilee Aotearoa is calling on Dr Cullen to “go for the gold” at the annual meetings of the IMF and World Bank over the weekend and push for 100% debt cancellation.

“Dr Cullen will address the meeting. It is an opportunity that cannot be missed. When millions of people do not have enough to eat or access to safe water and basic health care because their governments have to repay loan upon loan, we are asking him to stand up for them by urging these powerful institutions to cancel the debt,” said Gillian Southey, spokesperson for Jubilee Aotearoa. “For the richest countries it is an opportunity to make good their promises and breathe new life into the United Nations’ Millennium Development Goals.”

Jubilee welcomed the announcement by the UK’s Chancellor of the Exchequer, Gordon Brown that the UK will cancel its share of the debt held by some developing countries. Jubilee renewed its demand for 100% debt cancellation for the world’s poorest countries without harmful conditions.

“The announcement by Gordon Brown is good news for countries forced to repay loans that are ultimately unpayable,” she added. “It is a vindication of the hard work of millions of people who have responded to the international campaign to cancel this debt. But more must be done to end the devastating effects of this debt.”

“Cancelling debt is a necessary step towards eradicating poverty in the world and it needs to be accompanied by increasing government aid and fairer international trade rules.”

Jubilee Aotearoa is asking Dr Cullen to:

  • support 100% debt cancellation without harmful conditions and using additional resources
  • support the UK proposal to cancel debt through the sale or revaluation of IMF gold reserves and not at the expense of existing aid budgets and
  • contribute financially to multilateral debt cancellation.

For Further information, contact Jubilee Aotearoa

Notes to Editors

  • Jubilee Aotearoa is made up of the Anglican Social Justice Office, Arena, Caritas, Christian World Service, Council for International Development, Development Resource Centre, Latin America Committee, Oxfam New Zealand, Student Christian Movement, Tear Fund, Trade Aid, and World Vision and many concerned individuals. Its website is: www.debtaction.org.nz
  • To mark the millennium 24 million people (63, 847 of whom were from New Zealand) signed the international Jubilee 2000 petition calling for total debt cancellation for 52 indebted countries.
  • The Millennium Development Goals are a set of targets for substantially reducing global poverty by 2015.
  • Dr Michael Cullen will represent the 12 country constituency at the annual meetings of the IMF and the World Bank to be held 1-3 October in Washington DC. The IMF has substantial gold reserves.