Global Justice Activists to Vigil Overnight Outside IMF/WB Annual Meetings

50 Years Is Enough press release
Sep 29, 2004

Sept. 29, 2004
GLOBAL JUSTICE ACTIVISTS TO VIGIL OVERNIGHT OUTSIDE
IMF/WORLD BANK ANNUAL MEETINGS
Watching & Waiting for 100% Cancellation of Multilateral Debts

WASHINGTON – Campaigners for debt cancellation and justice in the global
economy will hold an overnight vigil outside the 60th anniversary annual
meetings of the IMF and World Bank from 2:30 pm on Friday, October 1st to
6:00 pm on Saturday, October 2nd.

Media reports over the last two weeks suggest an active debate among G7
finance ministries about how to more effectively tackle the debt crisis, which
has plagued most of the countries of Africa and many of those in Latin
America, the Caribbean, and Asia-Pacific for 25 years. The World Bank
recently completed a second report detailing the inadequacy of its joint
program, the Heavily Indebted Poor Countries (HIPC) initiative, to deal with
the problem.

“We know that the G7 finance ministers will discuss debt cancellation on
Friday, and that any proposals have to be ratified at the annual meetings,”
said Marie Dennis, co-chair of the Religious Working Group on the World
Bank and IMF, a coalition of faith-based organizations working for global
economic justice. “We also know,” said Dennis, “that one of the proposals
would be a substantial breakthrough: cancellation of 100% of the debts
claimed by the IMF, the World Bank, and other multilateral institutions from
about 30 of the world’s most impoverished countries. We will be watching
and waiting, hoping that these powerful people will at last take bold steps to
free some of the world’s most impoverished people from debt slavery.”

“The biggest threat to progress is now not a refusal to acknowledge the
dimensions of the crisis, but squabbling over which wealthy country will get
credit for its resolution,” said Njoki Njoroge Njehu, Director of the 50 Years Is
Enough Network, a coalition dedicated to the fundamental transformation of
the IMF and the World Bank. “An African saying holds that when two
elephants fight, it is the grass that gets hurt. People in indebted countries
cannot and should not have to stand any more hurt.”

Salih Booker, Executive Director of Africa Action, the oldest U.S. group
advocating for African causes, added, “We urge all the G7 leaders to focus on
solving this crisis. The good news is this can be done easily and immediately.
It has been demonstrated that the massive gold reserves of the IMF can
comfortably finance the cancellation without affecting the financial status of
any government or institution. In these circumstances, it would be
irresponsible for these leaders to leave Washington with the status quo –
impoverished countries paying more in debt service than they receive in aid –
intact. After years of devastation, the boards of these institutions can give
people in impoverished countries something to celebrate on their 60th
anniversary.”

The vigil is co-sponsored by the 50 Years Is Enough Network, the Religious
Working Group on the World Bank and IMF, Jubilee USA Network, Africa
Action, and Pax Christi Metro DC.

Vigil Location: Murrow Park, 18th St. & Pennsylvania Ave., N.W. –
Washington, DC
Vigil Begins 2:30 pm Friday; Opening Statements 4:00 pm Friday
Delivery of Thousands of pro-cancellation messages to the World Bank 10:30
am Saturday
Closing Ceremony & Statements: 4:00 – 6:00 pm Saturday
Reporters and others are invited join the vigilers at any time to learn more
about the
global campaigns for justice and debt cancellation.

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