13 Jul 2005 |
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| UPDATE on the G-8: Expectations Betrayed www.africaaction.org CAMPAIGNTO CANCEL AFRICA'S DEBT Dear Paul, The Group of Eight (G-8), which includes the seven wealthiest nations and Russia, met last week in Scotland. The Summit was interrupted by the deplorable terrorist attacks in London, but the G-8 did conclude their meeting on Friday with a communiqu・that clearly outlined their decisions about the top two priorities on their agenda, Africa and climate change. The G-8 communiqu・was predominantly a reiteration of pledges that had been made over the past several months. The G-8 reaffirmed the decision of the Finance Ministers in mid-June to cancel the debt of 18 countries (14 in Africa) owed to the International Monetary Fund (IMF), World Bank and African Development Bank. Under this plan, future countries will become eligible for debt cancellation as they complete the flawed Heavily Indebted Poor Country (HIPC) initiative which includes harmful economic conditionality. The G-8 agreed to a $25 billion annual increase in aid to Africa by 2010. They did not make specific agreements on trade or climate change. The crisis in Darfur, Sudan was mentioned but there were also no new advances in efforts to stop the genocide. African civil society released a statement articulating their profound disappointment with the conclusion of the Summit. Africa Action echoes this sentiment. The debt deal is far too limited, leaving the majority of African countries trapped under the burden of illegitimate debt. The aid increase is also inadequate, both in terms of the need to effectively address poverty, but also because the majority of these pledges are drawn from existing obligations and will not be available until 2010. The debt, trade and aid commitments continue to be linked to harmful economic conditionality. This year痴 G-8 Summit was billed as a great moment for Africa, but in reality the 澱old action・promised turned out to be only timid pledges. Africa Action remains skeptical that these promises will be fulfilled in light of the hollow and broken promises made by the G-8 in years past. While Africa Action is disappointed by the G-8, we are neither surprised nor dissuaded in our work. The fact that debt cancellation has been approved for a few countries sets an important precedent. This development would never have come to pass were it not for the global movement that you have been a part of building. We know Fredrick Douglas to be correct when he said, 撤ower concedes nothing without demand.・/strong> We will continue to demand justice for Africa. Thank you for joining us in this struggle. As we worked to defeat apartheid in South Africa, we will continue our work to defeat global apartheid. For further analysis see Africa Action痴 talking points on the G-8 Summit and Africa. Sincerely, The Staff @ Africa Action 
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