In the framework of the Jubilee 2000 Campaign, MISEREOR calls for qualified debt cancellation for the heavily indebted poor countries (HIPCs). The foreign debts of many developing countries in the South have had very serious consequences particularly for the poor. They are paying back debts they never incurred and never had any benefit from with their human dignity and even their lives. "Qualified cancellation" means that the money set free must be used for development programmes, e.g. in the health care and educational sectors.

Considerable achievements
Today around 1,800 organisations are supporting the Campaign, which achieved one of its first major successes in 1999 when almost 20 million signatures were collected demanding debt cancellation for developing countries. At the G7/G8 summit in Cologne they were handed over to German Federal Chancellor Gerhard Schröder while an international human chain of 50,000 "drop the debt" marchers encircled the city centre of Cologne. Responding to such massive public pressure, the Heads of State promised debt relief to the amount of US-$ 70 billion. Certainly not enough, but an important milestone towards a sustainable solution of the debt problem.

Further steps followed
In September 1999, international creditors undertook further steps towards substantial debt reduction for the poorest countries in the annual meetings of the International Monetary Fund and the World Bank in Washington. The financing of debt cancellation as agreed in Cologne could be secured for 41 poor and heavily indebted poor countries.

Framework of action for poverty reduction
An achievement which should not be underestimated is the linking of debt cancellation to poverty reduction programmes in the debtor countries. The framework of action for poverty reduction that was introduced in Washington represents substantial progress in this context because it names concrete time frames and objectives. The Jubilee 2000 Campaign monitors the implementation of the planned measures and calls for further action as progress achieved so far, even though substantial, is not yet sufficient at all. What is required in international financial relations is a fair balancing of interests between creditors and debtors in favour of the poorest of the poor, including also fair and transparent analysis for those countries that to date have been denied any debt relief.