Not All the News Is Bad News
Are you in the mood for some good news? (Hat tip to Mustard Seed Associates' January 2006 newsletter.)
The International Monetary Fund (IMF) -- an organization of 184 countries working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty -- has just approved 100% debt relief to 19 of the world's poorest countries, with a 20th expected to be approved shortly.
This action was taken in response to the Multilateral Debt Relief Initiative adopted at the G8 Summit last summer involving the world's leading industrialized nations plus Russia.
IMF Managing Director Rodrigo de Rato made the following statement:
"I am delighted to announce that the IMF will grant 100 percent debt relief to 19 countries... ...amounting to [about $3.3 billion, US]. This is an historic moment, which will allow these countries to increase spending in priority areas to reduce poverty, promote growth, and to make progress towards achieving the Millennium Development Goals. These countries should receive this debt relief in early 2006. Bringing the [initiative] to this stage... ...has taken an intensive effort. I am proud of what the IMF has achieved in delivering debt relief in just six months."
You may recall the Live 8 concerts held in 10 world cities last July. They were timed just prior to the G8 summit to call the world's leaders to more action to tackle global poverty. Organizer Bob Geldof states, "In 1985 [Live Aid] was about charity (famine relief for Ethiopia)... ...Today it's about a campaign for justice and empowerment for millions of people round the world... ...Mahatma Gandhi freed a continent, Martin Luther King freed a people, Nelson Mandela freed a country. It does work. They will listen."
The countries in question have struggled with drought and famine, political upheaval and the AIDS epidemic in recent years. Now their economies will be freer to focus on their internal issues. I'm so pleased.
The International Monetary Fund (IMF) -- an organization of 184 countries working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty -- has just approved 100% debt relief to 19 of the world's poorest countries, with a 20th expected to be approved shortly.
This action was taken in response to the Multilateral Debt Relief Initiative adopted at the G8 Summit last summer involving the world's leading industrialized nations plus Russia.
IMF Managing Director Rodrigo de Rato made the following statement:
"I am delighted to announce that the IMF will grant 100 percent debt relief to 19 countries... ...amounting to [about $3.3 billion, US]. This is an historic moment, which will allow these countries to increase spending in priority areas to reduce poverty, promote growth, and to make progress towards achieving the Millennium Development Goals. These countries should receive this debt relief in early 2006. Bringing the [initiative] to this stage... ...has taken an intensive effort. I am proud of what the IMF has achieved in delivering debt relief in just six months."
You may recall the Live 8 concerts held in 10 world cities last July. They were timed just prior to the G8 summit to call the world's leaders to more action to tackle global poverty. Organizer Bob Geldof states, "In 1985 [Live Aid] was about charity (famine relief for Ethiopia)... ...Today it's about a campaign for justice and empowerment for millions of people round the world... ...Mahatma Gandhi freed a continent, Martin Luther King freed a people, Nelson Mandela freed a country. It does work. They will listen."
The countries in question have struggled with drought and famine, political upheaval and the AIDS epidemic in recent years. Now their economies will be freer to focus on their internal issues. I'm so pleased.
posted by Linda at
1:14 PM
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