R08-6 Resolution supporting debt relief of developing countries as outlined in the Jubilee Act on World Debt

Resolved, that the 134th Convention of the Episcopal Diocese of Southern Ohio supports efforts to alleviate world debt in developing countries as proposed in the legislation of United States House of Representatives Resolution 2634 called the Act for Responsible Lending and Debt Cancellation which passed the House of Representatives in 2008, and be it further

Resolved that we urge that this or similar legislation be adopted in both Houses of the U. S. Congress and be signed by the President of the United States, and be it further

Resolved that we call upon the Secretary of Convention to notify the President and all Ohio Representatives and Senators representing the geographic boundaries of Southern Ohio of our action, and be it further

Resolved that we urge Southern Ohio Episcopalians and congregations to join us in this action by notifying their congressional representatives of this endorsement.

Presented by:
The Rev. Richard Burnett, chair Social Justice and Public Policy Network
Paul Rank, chair, National and World Mission Commission
Contact: paulrank@cinci.rr.com

Explanation: Today, well-governed poor countries are paying back debts that cripple their efforts to fight poverty and disease. In fact, the world’s most impoverished countries spend more than $100 million each day in debt payments to wealthy governments and financial institutions. In countries where the majority of the population lives on less than $1 per day, this money should be spent on clean water, basic health care, and education, not sent to the world’s wealthiest financial institutions. Without debt relief, reaching the millennial development goals is virtually impossible.
Since 1994 the Episcopal Church has been advocating for debt relief through resolutions in General Convention and the Executive Council.
The Jubilee Act in the US Congress is a bipartisan bill that begins the process of canceling debt to the world’s poorest countries. It calls on the U.S. government to negotiate an international agreement that would cancel debts owed to the World Bank and International Monetary Fund. The large profits and permanent assets of these institutions will allow them to cover this cost without any impact on the institutions’ ability to continue fighting poverty in the world. The Act would also cancel the debts owed to the United States government. Before receiving debt relief, these countries would be required to demonstrate good governance, sound fiscal policy, and transparency and pledge to use the money for the critical needs of citizens.

Impact on formation and mission in the Diocese of Southern Ohio: The Episcopal Diocese of Southern Ohio has strongly advocated for the Millennium Development Goals. This resolution is a necessary step to meeting these goals.

Budgetary Impact: This resolution has no impact on the budget of the Diocese.

Program Impact: This resolution supports the Diocese’s advocacy of the Millennium Development Goals. Effort to encourage congregations to raise the issue of the Jubilee would strengthen the diocese’s mission in supporting the MDG to eradicate poverty.