RE: CONGRESSWOMAN WATERS INTRODUCES LEGISLATION TO CANCEL POOR COUNTRY DEBTS

[Guest guest]

Thank you so much. This is great! We appreciate Rep. Water tireless efforts

to assist the poor.

Regards,

Gomez, Jr.

Director for International Affairs

Rainbow/PUSH Coalition

727 15th Street, NW, Suite 1200

Washington, DC 20007

Phone: (202) 393-7874

Fax: (202) 393-1495

Website: www.rainbowpush.org

CONGRESSWOMAN WATERS INTRODUCES LEGISLATION TO

CANCEL POOR COUNTRY DEBTS

PRESS RELEASE

For Immediate Release

Contact: Levin

December 23, 2009

(202) 225-2201

CONGRESSWOMAN WATERS INTRODUCES LEGISLATION

TO CANCEL POOR COUNTRY DEBTS

Washington, DC - Congresswoman Maxine Waters (D-CA)

introduced the Jubilee Act (H.R. 4405) before the House of Representatives

adjourned for the holidays on December 16th. The Jubilee Act expands debt

cancellation for impoverished countries, provided that they commit to use

the savings to reduce poverty. Joining the Congresswoman as original

cosponsors of the Jubilee Act are Financial Services Committee Chairman

Barney (D-MA) and Ranking Member Spencer Bachus (R-AL) as well as

other prominent Members of Congress with an interest in international

development and poverty alleviation.

" The Jubilee Act will free up resources for poverty

reduction in some of the poorest countries in the world. I am proud to

introduce this bill to help people out of poverty, " said Congresswoman

Waters.

The House passed the Jubilee Act (H.R. 2634) by an

overwhelming vote of 285 to 132 last year during the 110th Congress;

however, the Senate failed to complete action on the bill.

" Debt cancellation allows poor countries to use their own

money to address the needs of their people. It is simple, effective, and

the right thing to do, " said Congresswoman Waters.

Congresswoman Waters has been a leader on issues of poor

country debt relief for the past decade. In 1999, she worked with her

colleagues and the Clinton Administration to authorize the debt relief

program known as the " HIPC Initiative. " The following year, she offered an

amendment on the House Floor to the Fiscal Year 2001 Foreign Operations

Appropriations bill, which increased funding for debt relief from $69

million to $225 million. The amendment passed the House, thereby ensuring

full funding for the program.

" Debt cancellation saved Zambia more than $23 million in

2006, which Zambia used to increase spending on agricultural projects and

eliminate fees for healthcare in rural areas. Debt cancellation saved

Cameroon more than $29 million the same year, which was used for

infrastructure, social sector and governance reforms. The Jubilee Act will

allow more impoverished countries to benefit from the cancellation of their

debts, " said Congresswoman Waters.

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