Option for the Poor

Debt Relief

Background:
Increasingly, global economic leaders are recognizing an important connection between international debt and poverty. Many poor nations have huge debts that they cannot sustain and that drain much-needed resources. This has happened because of mistakes or mismanagement by debtor governments, initiatives by creditors that may not have been sound, or changes in global economic circumstances beyond any one country’s control. Now, poor countries are using scarce financial resources to make debt payments, often at the expense of funding for health care, education, housing, and other basic needs. This makes progress on reducing poverty and increasing development in these countries difficult, if not impossible. It also means that many of the world’s poorest people are suffering enormously and are unable to obtain services to meet their basic needs. Because the debt burdens carried by poor countries affect the well-being of the world’s poorest people and represent an often overwhelming obstacle to development, the Catholic Church has been a strong proponent of debt relief. Pope John Paul II has called on all the countries of the world to “reduce substantially, if not cancel outright, the international debt which seriously threatens the future of many nations.”

Action:

• Urge your local representatives and congressmen to support the HIPC Initiative
  and play a more active role in the implementation of the Millennium
  Development Goals and Debt Cancellation.
• Talk about debt relief to our communities to educate and increase awareness on
  this issue.

Links

Catholic Campaign Against Global Poverty
Caritas Internationalis: Economic Justice

Repeated Social Teaching: - Community and Participation - The mystery of the Trinity involves the relationship of complete love among three divine persons in one God. As people made in God’s image, we must model divine love and know that the person is not only sacred but also social. How we organize our society in economics and politics, in law and policy directly affects human dignity and the capacity of individuals to grow in community. Marriage and the family are the central social institutions that must be supported and strengthened, not undermined. We believe people have a right and a duty to participate in society, seeking together the common good and well-being of all, especially the poor and vulnerable. Photo from Mission Office