Jubilee 2000 was created to address the debt problem in developing countries, with the Jubilee Debt Campaign now calling for total debt relief for the poorest countries. The campaign also seeks to classify some debts as “hateful debts” and calls on richer countries to stop using debt to control poor countries. Supported by religious organizations, humanitarian aid groups, and celebrities, the campaign has several programs operating around the world.
In 1997, Jubilee 2000 was created in an effort to address the crippling debt problem in developing countries. It takes its name from the jubilee year found in the book of Leviticus, when enslaved peoples were released from their debts, their lost lands restored, and the inequalities suffered removed. The organizers of the original Jubilee drew similarities between international debt and historical slavery. According to them, the most devastating modern form of slavery in the world is crippling debt.
Since Jubilee 2000, the Jubilee Debt Campaign has become a major force in the movement to cancel international debt. Chapters in the United States, Britain and around the world have joined together to influence politicians in first world countries, as well as World Bank and International Monetary Fund (IMF) leaders to take debt relief seriously.
Many poor countries are unable to keep up with the payments and interest on their debt and as a result fall into a cycle of dependence on financial assistance from First World countries. The resources that should be spent on citizens, infrastructure and economic development are destined for debt repayment. Proponents of the Jubilee Debt Campaign believe the only solution to this cycle is to forgive or completely cancel the debt.
The Jubilee Debt Campaign platform calls for total debt relief for the poorest countries, especially those struggling with humanitarian issues such as famine, political conflict, genocide and epidemics. The jubilee calls for an expanded definition of “heavily indebted poor countries” by the World Bank and the International Monetary Fund to include more countries.
Jubilee is also working to classify some debts as “hateful debts,” which are illegitimate debts incurred by dictators and regimes seeking to profit personally from the loans. They refer to the loans as “stolen wealth,” borrowed for profit by an elite minority and sustained and used irresponsibly. This debt can have repayment terms that are considered predatory and unfair, with high interest rates and impossible terms.
Jubilee supporters have also called on the leaders of richer countries, especially the United States and Britain, to stop using debt as a way to control and influence poor countries, even in the most well-meaning of circumstances. By using loans and restructuring to repay debt, these countries can add clauses and requirements for the use of the money, which often benefit richer countries.
The Jubilee Debt Campaign has several programs operating around the world, including “Drop the Debt” and “Make Poverty History”. The campaign is supported by religious organizations of almost all religions, humanitarian aid groups, companies and private organizations, as well as many celebrities, including Bono of the rock band U2.
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