[Congressional Record (Bound Edition), Volume 147 (2001), Part 10]
[House]
[Pages 13718-13719]
[From the U.S. Government Publishing Office, www.gpo.gov]



                              DEBT RELIEF

  The SPEAKER pro tempore. Under a previous order of the House, the 
gentleman from Maryland (Mr. Cummings) is recognized for 5 minutes.
  Mr. CUMMINGS. Mr. Speaker, I am here tonight to address the issue of 
debt relief for Africa, particularly as we are on the cusp of 
considering the fiscal year 2002 foreign operations appropriations 
bill.
  There are many reasons why debt relief is important and critical to 
the United States. I believe we not only have a moral obligation but an 
economic impetus to ensure that we share a world that is economically 
prosperous, educated and healthy. As we have seen in recent years, 
health and financial problems are not constrained by regional 
boundaries. That is why I, and many of my colleagues, worked to 
increase funding in the foreign operations bill for HIV/AIDS and 
infectious disease programs, debt relief, basic education, child 
survival, and microenterprise programs, among others.
  Although details have not been provided, I am pleased to note that 
President Bush is thinking about innovative ways to address the issue 
of poverty and debt relief. It was reported he intends to push the 
World Bank to extend more grants instead of loans to developing 
countries as a way to reduce their debt burden. I believe this effort 
is a step in the right direction. However, it demands we remain 
committed in word and deed to ensuring

[[Page 13719]]

that additional resources are provided to assist in any effort to 
provide debt relief to countries most in need.
  Mr. Speaker, I am a strong advocate for providing resources to 
developing countries so that the residents will be afforded the same 
opportunities that we have here in America. Unfortunately, despite our 
efforts to provide development assistance and debt relief, many 
countries are crushed under the weight of debt burdens, a burden that 
profoundly affects the everyday health care and education needs of 
millions of families and children.
  It is heartbreaking to know that approximately seven million children 
die each year as a result of the debt crisis. Further, more than 2.5 
million children died in the year 2000 because debt repayments have 
diverted money away from investment in basic lifesaving health care. 
According to a recent report released by Oxfam International entitled 
``G-8: Failing the World's Children,'' poor countries are saving $1 
billion a year for schools and education, but 16 of the countries that 
get debt relief still spend more on debt than on health care for their 
citizens.
  The report further emphasizes the role debt burdens have played in 
exacerbating the education crisis in developing countries, particularly 
in sub-Saharan Africa. Of the 22 countries who have received debt 
relief under the Highly Indebted Poor Countries initiative, over half 
will spend more on debt than on primary education; and two-thirds will 
spend more servicing their debt than they spend on basic health care.
  The report also highlighted the problem in Tanzania, where high 
school fees are preventing primary aged students from attending school. 
Although the country would like to get rid of the school fees and 
provide free universal primary education, they are hindered by their 
debt.
  That is why I am pleased to be here to show my support and emphasize 
the change that can take place if my colleagues in Congress support the 
effort of the gentlewoman from California (Ms. Waters) to implement 
reforms to reverse this devastating trend. Her bill, H.R. 1642, Debt 
Cancellation for the New Millennium Act, urges the President to work 
within the international financial and multilateral institutions to 
modify the HIPC initiative.
  Specifically, the bill will work to ensure that the amount of debt 
relief provided by the IMF and World Bank under the initiative cancels 
100 of the HIPC's debt burden, and to ensure that the provision of 
relief cannot be conditioned on a country's implementation of a 
structural adjustment or stabilization program of the Poverty Reduction 
and Growth Facility of the IMF, which has had a history of further 
siphoning away funds from investments in health care and education.
  Again, Mr. Speaker, I appreciate being afforded this opportunity to 
speak on this very important issue. I look forward to seeing this bill 
move through the House so that the positive changes can be made. As 
such, I urge my colleagues to support the economic livelihood and 
social well-being of our world's families and children.

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