Statement of Congressman Pete Stark Supporting Debt Cancellation for Impoverished Nations

FOR THE CONGRESSIONAL RECORD
April 16, 2008

Mr. STARK: Madam Speaker, I rise today in strong support of legislation that will save thousands of lives around the world.  By allowing poor countries to use scarce resources to provide for the health and well being of their citizens rather than to repay debt to wealthy nations, we are doing what is humane, right, and just.

Many nations struggling to escape the grip of poverty are imprisoned by debt that siphons off large portions of their budgets.  In many cases, any type of debt relief is conditioned on adoption of policies that privatize large sections of the economy and primarily benefit international corporations.  Such a “Hobbesian Choice” undermines sovereignty and exacerbates poverty.  There is another way that can lift up nations and allow them to invest in their own citizens rather than sending money to foreign capitols, while maintaining control of their own economies.  The “Jubilee Act” before us today provides such an alternative.   

This legislation will expand our existing debt relief program to cancel the debts of the world’s 24 poorest countries and provide greater relief to many more without imposing harsh economic conditions.  Even under the current limited relief program, numerous countries have made great strides:

• Mozambique was able to vaccinate 500,000 additional children;
• Uganda doubled enrollment in public schools;
• Zambia hired 4,500 new teachers and eliminated health care fees.

Imagine the progress that can be made if we pass this bill and bring debt relief within reach of virtually all of the world’s most impoverished nations.

Debt cancellation under this legislation is not simply a handout that could be used by corrupt regimes to enrich their cronies or build their militaries.  This legislation makes eligibility contingent on using the savings to reduce poverty.  Countries are ineligible if their government lacks transparency, violates human rights, or spends excessively on defense.

We have a moral obligation to help alleviate suffering in our own country and around the world.  At a time when much of the world has lost faith in America as a beacon of freedom and compassion, it is also in our self-interest to restore this lost faith and lift countries out of poverty.  I hope all of my colleagues will join me in voting for this legislation.