Debt harms the world's poorest and most vulnerable people who had no say in contracting the loans but on whom the burden of repayment falls heaviest. Our brother bishops, Catholic missionaries, and church workers around the world tell us that the debt problem is depriving children of primary education, men and women of access to adequate health care, and millions of ordinary people the basic needs that are essential to human and economic development. Debt relief is one of many measures needed to solve the problem of international poverty, and much of what needs to be accomplished is fundamentally the responsibility of the poor countries themselves. Yet, the resources of these countries are limited. Lifting the heavy burden of excessive external debt would remove a major obstacle to attaining sustainable economic growth and poverty reduction.
Debt relief is also in the United States' economic interest.
Giving a country a fresh start through debt relief can help make it more attractive for U.S. investment and for the expansion of export markets. Without debt relief, the financial situation of many countries will become increasingly unstable and prevent their full participation in the global economy. We hope you will agree to co-sponsor this pivotal legislation. Thank you for your consideration and we look forward to hearing from you.