Debt service drains money away from social spending and HIVAIDS drugs. But under the Bank's proposal, Malawi would wait until July 2007 to see desperately needed relief, more than one year after qualifying (for debt cancellation).
More Quotes from Neil Watkins:
We also serve clear notice that this agreement is only a first step on a long journey. We will continue to pressure world leaders to cancel the debts of all impoverished countries in the months and years ahead.Neil Watkins
As world leaders gather in New York, we are still decades away from meeting the modest Millennium Development Goals to halve extreme poverty. A critical tool for achieving these goals is debt cancellation. A recent study by U.K. charities found that at least 62 low-income nations would require full debt cancellation -- in addition to more aid and trade justice -- as a first step towards achieving the goals.
Neil Watkins
The IMFWorld Bank must agree to full debt cancellation this weekend. But this will only be a first step towards our broader goal of expanding debt cancellation to all impoverished countries, without devastating economic conditions, in the months and years ahead.
Neil Watkins
This means that these 18 countries should only be the beginning, ... The World Bank and IMF should extend debt cancellation to all poor countries if they are serious about poverty alleviation.
Neil Watkins
Last summer, President Bush and other world leaders promised debt cancellation to the world's most impoverished countries. But a proposal before the World Bank this week would needlessly delay cancellation for at least two years from last year's G-8 summit for more than half of those countries eligible.
Neil Watkins
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