We believe the debt problem has caused, and continues to cause, an erosion of human dignity in these countries and we are obligated to act in solidarity with those who are affected wherever they might live. In the ancient Hebrew tradition, the Jubilee Year was a time to reestablish justice and equity throughout the world. In keeping with that tradition, Pope John Paul II has led the call to celebrate the Year 2000 as a Great Jubilee. While 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, 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 for millions.
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. Substantial programs for debt relief for poor countries are already underway. This initiative may represent a significant step in the direction of the comprehensive debt relief proposed in H.R. 1095. We hope to encourage the Administration to move further in this direction.