Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-05-17-Speech-3-161"
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"en.20000517.9.3-161"2
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"Mr President, this year is 2000 AD, a jubilee year. It is a year in which, based on the concept of the biblical Holy Year, we need to think seriously about relieving the debt of the poorest of the poor. In the Holy Year, each fiftieth year, debts were cancelled, slaves released and the land was left fallow in Israel. Such a year created the opportunity to start the future with a clean slate. In analogy with this biblical reference, the year 2000 should become a Holy Year for the world’s poorest of the poor. We therefore welcome national and international initiatives to reduce debts with open arms.
However, I cannot refrain from making a number of critical remarks in respect of the proud announcements made by a number of G7 countries over the past few years. These rich countries boast about the fact that they no longer make a fuss about the gigantic amounts which these poor countries owe them. Experiences with the HIPC initiative dating back to 1996, however, have shown that debt reduction has not always had an altogether positive effect on the development of the poor. In the best-case scenarios, 100% debt relief only yields an actual 40% reduction in the debt. The reason for this is firstly that the conditions tied in with the debt relief are such that only few countries qualify. Moreover, room for debt relief is often found in national and international budgets for development policy. As such, it is not a matter of making available additional financial resources but more a matter of shifting funds. Poor countries may spend less on repaying their debts, but they also have to cope with a drop in foreign aid. If we really want to take the fight against world poverty seriously, debt reduction should be accompanied by an active policy to combat poverty. In this respect, it is desirable to deploy local governments and NGOs.
These minor observations, however, do not detract from the fact that concessions made must be met and new initiatives have to be launched. A careful and generous stance is a welcome bonus in this respect. The Commission, Member States and international donors must make every effort to turn the year of Our Lord 2000 into a Holy Year in the true sense of the word."@en1
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