At the dawn of the third millennium people all over the world hear the Jubilee call for a new beginning, aware that two-thirds of us are impoverished by the global economic and political system. People have transformed the world before and it is time to do so again. Nourishing hope, we continue in our determination to overcome world-wide injustice to establish equitable relationships between all who share this planet. As one necessary step, we are committed to justice in resolving the debt crisis. We insist that current initiatives for debt relief are not just, comprehensive, or effective in addressing the problems of the debt crisis and of development.
We are gathered in Rome as 38 national Jubilee 2000 campaigns from all continents and 12 international organizations. We come from diverse contexts and experiences combining our efforts to participate in a common movement for debt cancellation: Jubilee 2000. Our diversity is a strength in this campaign.
We are united in the call for debt cancellation by the year 2000, including:
- Unpayable debt, which is debt that cannot be serviced, without placing a burden on impoverished people.
- Debt that in real terms has already been paid.
- Debt for improperly designed policies and projects.
- Odious debt and debt incurred by repressive regimes.
Creditor governments, international financial institutions and commercial banks, which are chiefly responsible for the debt crisis, should not set the conditions for debt cancellation. Civil society in the South must play a significant and influential role in a transparent and participatory process which will define and then monitor the use of resources released by debt for the benefit of the impoverished.
Lending, borrowing, and debt negotiation must reflect a just relationship between debtors and creditors. Transparent and independent arbitration should be available to cancel debt.
This is a call to urgent action. Lives have been destroyed and damage has been done. On the eve of the new millennium, the time for a new beginning is now.
(Adopted at the first Jubilee 2000 international conference, Rome, 17 November 1998)
