Trustee Election
These are the original issues in this subcategory
  • HEAVILY INDEBTED POOR COUNTRIES DEBT RELIEF
  • INTERNATIONAL MONETARY FUND
  • U N GLOBAL COMPACTS
Winning Issue » HEAVILY INDEBTED POOR COUNTRIES DEBT RELIEF


More than 2 billion people inhabit the 39 developing countries that are heavily indebted to other nations. These heavily indebted poor countries (HIPC) pay about $3 billion each year to service their debt, some of which was acquired during the Cold War by corrupt regimes. These debt payments greatly reduce the availability of funding for urgent human services needed by the citizens of these countries. Beginning in 1996, industrialized donor countries began cancelling some of this debt through programs such as the HIPC Initiative. To qualify, countries must face an unsustainable debt burden which cannot be managed with traditional means. About 36 of the 39 HIPC nations are in this program. However, this assistance is conditional on the governments of these countries meeting a range of economic management and performance targets. Critics claim these conditions often undermine poverty-reduction efforts by imposing significant financial burdens on their populations. For example, privatizing utilities tend to raise the cost of services beyond the ability of many citizens to pay. Critics claim the HIPC Initiative is a program designed by creditors to protect creditor interests, leaving countries with unsustainable debt burdens even after intervention. They say the International Monetary Fund and the International Bank for Reconstruction and Development (World Bank) have sufficient resources to easily cancel the debts owed to these institutions by heavily indebted poor countries.


Pending Legislation: None




Options


  • I oppose reforming current Heavily Indebted Poor Countries debt relief policy and wish to donate resources to the campaign committee of either Rep. Paul Ryan or Sen. Mitch McConnell
  • I support modifying in the Enhanced Heavily Indebted Poor Countries (HIPC) Initiative, including requiring that: the amount of debt relief provided by the IMF and the World Bank under the Enhanced HIPC Initiative for a HIPC be sufficient to completely cancel 100% of the HIPC's debt owed to such institutions; no provision of debt relief under the Initiative be conditioned on any country's implementing a structural adjustment or stabilization program of the Poverty Reduction and Growth Facility of the IMF or any other such program operated solely or jointly by the IMF or the World Bank; all HIPCs that are working in good faith to develop and implement their Poverty Reduction Strategy Papers (PRSPs) pursuant to the Initiative not be required to make service payments on their debts, and wish to either reintroduce H.R.643 - Debt Cancellation for the New Millennium Act (108th Congress, 2003-2004), or a similar version thereof, and also wish to donate resources to the campaign committee of Rep. Maxine Waters (CA) or to an advocate group currently working with this issue


Winning Option
  • I support modifying in the Enhanced Heavily Indebted Poor Countries (HIPC) Initiative, including requiring that: the amount of debt relief provided by the IMF and the World Bank under the Enhanced HIPC Initiative for a HIPC be sufficient to completely cancel 100% of the HIPC's debt owed to such institutions; no provision of debt relief under the Initiative be conditioned on any country's implementing a structural adjustment or stabilization program of the Poverty Reduction and Growth Facility of the IMF or any other such program operated solely or jointly by the IMF or the World Bank; all HIPCs that are working in good faith to develop and implement their Poverty Reduction Strategy Papers (PRSPs) pursuant to the Initiative not be required to make service payments on their debts, and wish to either reintroduce H.R.643 - Debt Cancellation for the New Millennium Act (108th Congress, 2003-2004), or a similar version thereof, and also wish to donate resources to the campaign committee of Rep. Maxine Waters (CA) or to an advocate group currently working with this issue
There has been $0.00 pledged in support of this issue
Trustee Candidates

If elected as a trustee, the campaign committee of Rep. Maxine Waters (CA) will be unconditionally awarded the funds pledged to this issue along with a letter requesting her to favorably consider reintroducing H.R.643 - Debt Cancellation for the New Millennium Act (108th Congress, 2003-2004).

If elected as a trustee, USCCB will be awarded the funds pledged to this issue along with a letter requesting these funds be used to advocate for canceling the debt owed to the World Bank and International Monetary Fund by heavily indebted poor countries.

USCCB advocates for the debt relief of developing countries. In most ways USCCB’s policy explained in a quote from Pope John Paul II: "While the details of the international debt crisis are quite complex, in essence it comes down to a fairly straightforward problem. Often through irresponsible practices on the parts of both creditors and debtor nations, the governments of some of the world's poorest countries have taken (and been given) loans that they do not have the capacity to repay. As a result, they have reduced spending on desperately needed health and education programs in an effort to meet their obligations to international lenders. But even after cutting back on social programs, many countries cannot make full repayment, and so over time debt builds up and makes it increasingly difficult to finance investments in the health, education, and development programs that could pull their people out of poverty." The United States Conference of Catholic Bishops believes heavily indebted countries should not be forced to reduce or eliminate important social services in order to service its debt. Rather, it advocates that such debt should be forgiven.
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Trustee Election - Opening Date
February 27, 2020
Trustee Election - Closing Date
March 4, 2020