Pass the Jubilee Act

All of this information is from the ONE Campaign's website (http://www.one.org/documents/lobbying/jubile.html):

"For decades, many impoverished countries were spending billions of dollars each year repaying debts to donor countries and international financial institutions. Many of these loans were given for political reasons during the Cold War to prop up particular governments, and in many cases, were wasted by corrupt and unaccountable regimes. These large debts became a serious impediment to poverty reduction and economic development. Countries began taking on new loans to repay old ones."

We have already forgiven the debt of 21 countries, and these programs have been incredibly successful:

1) Mozambique used its debt service savings to vaccinate children against tetanus, whooping cough and diphtheria, as well as build and electrify schools.

2) Nigeria is using the $750 million in debt service savings from 2006 to train and recruit new teachers.

3) Cameroon used its debt savings to launch a national HIV/AIDS plan for prevention, education, testing and mother-to-child transmission abatement.

For every dollar African countries receive in aid, they still pay out $2.30 in debt service. Congress needs to pass the Jubilee Act.