INTERNATIONAL AFFAIRS

DEBT RELIEF FOR AFRICAN COUNTRIES

WHEREAS, twenty-two of the world’s poorest 30 nations are in Africa, which continues to struggle under a crushing burden of debt now totaling $323 billion, a significant portion of which is owed to multilateral development agencies; and

WHEREAS, many African countries spend more on debt repayment to bilateral government creditors, multilateral agencies like the International Monetary Fund and others than they do on education and health care, spending more than one quarter of their total export earnings on debt servicing; and

WHEREAS, debt repayment impedes Africa’s ability to meet basic human needs, siphoning away funds needed to strengthen human capacity, weakening civil society and inducing a downward spiral of economic, social and political decline; and

WHEREAS, social and economic development are inextricably intertwined processes that are critical to achieving sustainable development and equalizing opportunities for all of Africa’s people in the context of harmony and social justice; and

WHEREAS, the highly indebted poor countries (HIPCs) debt relief initiative sponsored by the World Bank and the International Monetary Fund provides recognition of the debt crisis, it is not a comprehensive strategy to deal with this burden, has so far only benefitted a handful of African countries and does not provide for definitive debt cancellation, which is necessary if Africa’s cities are to achieve economic growth and engage in mutually-beneficial trade that can create jobs in the U.S. and Africa,

NOW, THEREFORE, BE IT RESOLVED that The U.S. Conference of Mayors agrees that the crushing debt burden inhibits trade and is crippling the lives of Africa's people; and

BE IT FURTHER RESOLVED that The U.S. Conference of Mayors calls upon the President and the Congress of the United States to provide leadership in working toward significant debt reduction and cancellation of debt owed by the poorest African countries to the world's richest industrial nations, known as the G-8, and to multilateral agencies such as the World Bank and the International Monetary Fund.