2002:06PU CANCELLATION OF UNSUSTAINABLE DEBT
Whereas: in 1999 the National Council of Women of Canada urged the Government of Canada to support the cancellation by the International Monetary Fund (IMF) and the World Bank, of the unsustainable debt of the poorest Less Developed Countries; and
Whereas: the National Council of Women of Canada commends the Finance Minister for Canada’s initiatives during 1990 whereby the declaration of a moratorium began the process of forgiving the debts of eleven of the world’s poorest countries who had satisfied Canada that they would work towards democracy and the alleviation of poverty, and would not use the savings to finance war; and
Whereas: the National Council of Women of Canada commends the Finance Minister on his speech to the Group of Seven finance ministers in Rome, Italy in July/2001 in which he supported efforts to reform the World Bank leading to greater openness and accountability, and to combat poverty and support sustainable development; and
Whereas: debt loads in other less developed countries have increased beyond the point where they can repay these loans and there is no mechanism for a state to declare bankruptcy; and
Whereas: the IMF has gold reserves equivalent to 103 million ounces, worth about US$30 billion sufficient to pay the debts of most indebted countries; therefore be it
RESOLVED: that the National Council of Women of Canada adopt as policy that Canada continue to forgive the unsustainable debts of less developed countries and work with other national and international bodies to encourage the International Monetary Fund and the World Bank to use their own large resources to cancel the above mentioned debts; and be it further
RESOLVED: that the National Council of Women of Canada re-iterate policy 99.2 EM: Forgiveness of Unsustainable Debt of Less Developed Countries; and be it further RESOLVED: that the National Council of Women of Canada urge the Government of Canada to continue to forgive the unsustainable debts of less developed countries; and be it further
RESOLVED: that the National Council of Women of Canada urge the Government of Canada to work with other national governments and international organizations to encourage the International Monetary Fund and the World Bank to use their own assets to resolve the crisis of unsustainable debt of less developed countries by cancelling or forgiving these debts.