WASHINGTON – Leading advocates of poor country debt cancellation will gather in a rally outside the G-7 Finance Ministers meeting this weekend to call for full debt cancellation for impoverished nations without harmful conditions.

What: Rally and Street Theater to Demand 100% Debt Cancellation from G7 Finance Ministers

Where: U.S. Treasury Department, 15th and Pennsylvania Ave, NW

When: Friday, April 15, 2005, 12 Noon – 1 PM

Who: Speakers include:
Mvuselelo Ngcoya, Africa Action
Lidy Nacpil, Jubilee South
Adam Taylor, Sojourners and Jubilee USA Network
Susan Thompson, Religious Working Group on the World Bank and IMF
Njoki Njoroge Njehu, 50 Years Is Enough Network
Jonah Gokova, Zimbabwe Coalition on Debt and Dev't and Ecumenical Support Services

The event will highlight the message that most of the debt has already been paid. Between 1970 and 2002, Africa received about $540 billion in loans and has already paid back over $550 billion to wealthy creditors such as the G7 countries, the World Bank and the IMF. But interest charges mean Africa’s debt stands at nearly $300 billion! With the G7, the IMF, and the World Bank in charge of global debt policy, there is no escape from this debt trap.

Participants will call for building a better world on a foundation of hope and human security. An essential first step in that process will be the cancellation of 100% of foreign debt for all countries in crisis, without harmful economic conditions.