Marie Brill, coordinator of Jubilee USA Network, spoke at St. Mary Catholic Church in Chelsea Oct. 19 about the debts owed by poor countries.
Her statistics show the staggering problem of debt, especially in Africa and Asia.
More than half the countries in Africa spend more on debt than health care, she said. Many of those countries are also decimated by AIDS.
Interest rate and compounding have sometimes increased the amount owed so much that a country cannot pay it off. In some cases, there is a question of whether, legally and morally, a debt is owed at all, she said. Brill referred to this as an "odious" debt, such as when a corrupt leader borrows money, then uses it to enrich himself and abuse citizens.
Jubilee USA Network is part of an international group formed in 1997. The organization saw the new millennium as a time to forgive debts of poor nations. Members pushed for debt relief, and the United States forgave $700 million of debt.
Ireland is another country that has taken a strong stand on debt relief.
There is still much owed, Brill said, the majority to the International Monetary Fund and World Bank. Brill said these organizations have not done their share. Since the United States is the major shareholder, Jubilee is asking representatives to the IMF and World Bank to work for debt relief.
Brill said Iraq has a $120 billion debt that will hinder efforts to create investments to rebuild it. There is a bill in Congress that would attempt to cancel some of Iraq’s debt, she said.
Jubilee USA Network worked to get the African AIDS bill, which includes debt relief, passed by Congress, and wants to ensure it is implemented by negotiating with rich countries and with the IMF and World Bank.
Brill encouraged the Chelsea community to get involved by urging creditors to forgive debts. She said people can write letters to leaders and newspapers, financially support Jubilee USA Network and contribute money to directly help people within a country.