Resources on Debt

This is a selective list. More resources can be found via ELDIS and through the Choike "external debt" page as well as from individual agencies and coalitions.

Basic Introductions to Debt Issues

"The World Can't Wait for Debt Cancellation" is an accessible powerpoint presentation that reflects the status quo as of 2007.

"Top Line" information about the G8 debt deal and its implementation through 2007 (Eurodad, 2007), an accessible 2 page pdf giving a fine overview of the basics, is also a good entrance point to the present situation.

There is also a lot of good introductory material in "Jubilee Worship" and the Jubilee Congregations Handbook (see below) -- all of it compiled with specific reference to churches. Like the accessible and thorough "Rough Guide to Debt," (CAFOD, 2002) however, much of it doesn't reflect the most recent realities.

Theological and Worship Resources

• "Development Matters" Linked Lectionary -- links lectionary readings to development issues, including debt. Archive, with subject index.
• The JDC worship resources page contains
  • "Jubilee Worship," a compendium including
    • materials for preparation (announcements, bulletin notes and thoughts for creating worship)
    • an introduction to set the theological context
    • facts and stories about the impact of debt
    • an exploration of Jubilee
    • a reading from Leviticus 25 with a litany to follow
    • a Jubilee sermon (by Bono)
    • prayers
  • stories about the impact of debt and debt relief
  • pages explaining the links between debt and other global issues
  • worship material (including a Roman Catholic liturgy for debt)
  • Bible studies and more.

• "Praying in Public Places: A Pilgrimage for Our Time ," a prayer pilgrimage that invites Christians to walk to local places such as hospitals or surgeries, schools and banks to reflect on/pray about debt and the impact it has on access to essential services.
• "Jubilee Congregations Handbook" (Jubilee USA, 2005) This resource offered everything a [US] church needed to engage with the campaign in 2005. The fact that it was written before the Multilateral Debt Relief Initiative means that some of its background information is now outdated. But the liturgical/theological material remains very helpful. It includes:

Church Statements Online

• Joint Letter from Seventeen Faith Leaders on Debt (2007) -- pdf of a short, clear letter urging further reform of the debt relief process from leaders including the Abp of York, Gen'l Sec'y of the Baptist Union, the Moderators of the Free Churches and the URC, and the Director of the EA.
• Church of England General Synod Misc 640 -- "Drop the Debt: Towards a New Deal on Debt" and July 2001 Synod debates on development and debt, which include some fine contributions from a variety of people.
• URC General Assembly: Address to the Throne 2002 -- on the occasion of the Queen's Jubilee reaffirms the URC's support for jubilee campaigning on debt relief and asks the government to progress the issue. To find a wide range of URC comments on the Church's commitment to debt relief, go to the United Reformed Church website and type Jubilee 2000 into the "search" box.

The MDRI

• "Top Line" information about the G8 debt deal and its implementation through 2007 (Eurodad, 2007) -- accessible 2 page pdf giving a fine overview of the basics
  
• Multilateral Debt: One Step Forward, How Many Back? (Eurodad, 2007) More detailed summary of the agreement and some of the challenges surrounding its implementation and the next stages.
  
• G8 Debt Deal One Year On: What Happened and What Next? (Eurodad, 2006)
  
• CAFOD submission to the International Development Select Committee (CAFOD, 2005) -- Brief (3 page) statement advocating a human development approach to debt sustainability and taking issue with aspects of eligibility for receiving debt relief and increased aid under the MDRI.
  
• Loose Ends (JDC and Jubilee USA, 2005) -- an analysis of what the World Bank/IMF needed to resolve at the annual meetings in order to deliver the G8 debt deal.
  
• G8 Debt Deal: What the Countries Will Really Get (Debt Relief International, 2005) -- A technical analysis of the deal's functioning and its impact on a country by country basis.
• What about Us? Debt and the Countries the G8 Left Behind (Christian Aid, 2005) -- Critiques the limited scope of the G8 deal, calls for a fairer and more transparent process for debt relief, and urges debtor governments to emphasise the illegitimate nature of many debts, be more assertive in negotiations with creditors, and reduce their reliance on loans

World Bank and IMF Conditionality

• Cut the Strings (JDC, with support from Action Aid, CAFOD, Christian Aid and WDM, 2006)
• Kicking the Habit: How the World Bank and IMF are still addicted to attaching economic policy conditions to aid (Oxfam, 2006) -- with a focus on the experience of Mali
• Tightening the Chains or Cutting the Strings (JDC with research sponsored by a broad coalition, 2006)

Debt and the MDGs

• To Pay or to Develop -- Debt Sustainability Handbook (Erlassjahr.de/Eurodad, 2006) -- argues for debt sustainability criteria to be based on capacity to meet the MDGs.
• Beyond HIPC: Debt Cancellation and the Millennium Development Goals (Oxfam, 2005) -- a post G8 analysis that calls for debt relief to be linked to capacity to meet MDGs
• In the Balance JDC, Action Aid and Christian Aid, 2005 -- why debts need to be cancelled so that countries can meet the MDGs.
• The Unbreakable Link (JDC and nef, 2002) -- an analysis as of 2002 of countries' progress through the HIPC process, together with an estimate of their likely progress on the MDGs.

Debt and Particular Regions/Countries

If not now, when? JDC and All Party Parliamentary Group on HIPCs, 2005 -- recommends debt relief as necessary for a strong, prospeous Africa

A Case for Debt Relief for Kenya (Justice and Peace Commission, St Paul's Church, Nairobi University, 2005) -- argues that Kenya's debt burden should be relieved as much of it is illegitimate, it is a major factor promoting dependence and impeding development, and most of the burden relates to interest not principal

Zambia after the HIPC "Surgery" and the Completion Point (Jesuit Centre for Theological Reflection, 2006 ) -- A clear overview of the impact of the HIPC and MDRI on Zambia that also makes recommendations on the process for further debt cancellation and on the Zambian government's strategy for contracting new loans.

Comments from Antonio Gumende, Mozambique's High Commissioner to the UK (2005) -- brief statement of impact of debt relief on Mozambique

Governance

How to fit 27 elephants in a single chair (Eurodad, 2007) -- Suggests progressive positions European governments might take on reform at the World Bank and IMF.

Debt Sustainability, Transparency of Process and New Lending

• Debt Sustainability or Defensive Deterrence? (Eurodad, 2007) -- argues that the World Bank's plan to penalise countries who borrow on non-concessional terms from commercial banks or new sovereign lenders (ie China) places developing countries in a dilemma because the lack of sufficient concessional aid within the traditional system simultaneously requires them to seek new lenders
  
• Preventing New Cycles of Debt (CIDSE, 2007) -- argues that policy failures in the G7/G8 and IFI initiatives underlie the failure to find a holistic solution for debt and suggests processes that could help improve the situation and prevent future debt cycles.
• To Pay or to Develop -- Debt Sustainability Handbook (Erlassjahr.de/Eurodad, 2006) -- argues for debt sustainability criteria to be based on capacity to meet the MDGs.
• The New World Bank/IMF Debt Sustainability Framework: A Human Development Assessment (CIDSE, Center of Concern, 2006) -- comprehensive, often technical, assessment of the framework based on the experience of numerous countries, arguing on the basis of Catholic social teaching that a human development perspective is necessary
• World Bank and IMF Review of the Debt Sustainability Framework and the Implications of the Multilateral Debt Relief Initiative (Eurodad, 2006) and Still Missing the Point: Unpacking the New World Bank/IMF Debt Sustainability Initiative (Eurodad, 2005) -- Eurodad's critique of the framework and the internal analysis thereof, looks at the implications of the framework for countries' ability to develop. Pre-MDRI, but the analysis of the debt sustainability framework itself remains valid.
  
• To lend or to grant: Critique of the IMF/World Bank Approach to Debt Sustainability (CAFOD, 2004)

Repudiation and other options

The Repudiation Option: Southern Government Debt Strategies (Christian Aid, 2007 ) -- argues that Southern governments should refuse to pay their debts in order to free resources for pro-poor human development

Debt Campaigning

• From Jubilee 2000 to Make Poverty History -- Building a New Future for the World's Poor (Door newspaper, 2005)

A Timeline in Reports

Debt is unusual among the issues that we cover in that there has actually been a fair amount of change over the past decade. The section below, therefore, offers some "historical" background to the more recent papers above, showing "where we have come from" . . . and where the current plans and programmes reflect (or in the case of governance, conditionality, and transparency of process, have yet to reflect) the proposals put forward in the Jubilee campaigns.

2005

Do the Deal. The G7 Must Act Now to Cancel Poor Country Debts (Action Aid UK, CAFOD, Oxfam GB, Feb 2005) -- a paper submitted before the G7 finance ministers meeting, setting out the case for debt relief and making recommendations for how it should be accomplished.

2004

Fool's Gold: The Case for 100% Multilateral Debt Cancellation for the Poorest Countries (Action Aid UK, CAFOD, Oxfam GB, 2004) -- a good summary of the case for debt relief, looking in depth at five specific reasons for debt cancellation, exploring sources for financing debt relief, and calling for an end to harmful conditionalities.

2003

Did the G8 Drop the Debt? (Jubilee Research, CAFOD, JDC) -- an analysis of what had happened in the five years since the Birmingham chain, and what needed yet to be done

2002

A Joint Submission to the World Bank and IMF Review of HIPC and Debt Sustainability (CAFOD, Christian Aid, Oxfam GB, Eurodad, 2002) -- wide-ranging discussion of debt issues as they then stood

2001

From Debt to Poverty Eradication: What Role for Poverty Reduction Strategies? (CIDSE-Caritas, 2001) -- a lengthy (but with a good summary) paper analysing the strengths and weaknesses of the PRSP from the perspective of Catholic social teaching.

2000

Still Waiting: Time for a New Deal on Third World Debt (Christian Aid, 2000)

1999

Beyond Cologne, Towards Jubilee (CIDSE-Caritas, 1999) -- The Catholic agencies' clear, succinct (4 pg) response to the Cologne G8 initiatives.