Upcoming Events

International | Miscellaneous

no events match your query!

New Events

International

no events posted in last week

Blog Feeds

Spirit of Contradiction

offsite link The Party and the Ballot Box Sun Jul 14, 2019 22:24 | Gavin Mendel-Gleason

offsite link On The Decline and Fall of The American Empire and Socialism Sat Jan 26, 2019 01:52 | S. Duncan

offsite link What is Dogmatism and Why Does It Matter? Wed Mar 21, 2018 08:10 | Sylvia Smith

offsite link The Case of Comrade Dallas Mon Mar 19, 2018 19:44 | Sylvia Smith

offsite link Review: Do Religions Evolve? Mon Aug 14, 2017 19:54 | Dara McHugh

Spirit of Contradiction >>

Public Inquiry
Interested in maladministration. Estd. 2005

offsite link Catholic Church: Dark influence still active

offsite link Tom Parlon launches new career in comedy Anthony

offsite link Presumption of innocence does not universally apply in Ireland Anthony

offsite link The poor standard of Irish political journalism Anthony

offsite link RTE bias: A failure of objective journalism Anthony

Public Inquiry >>

The Saker
A bird's eye view of the vineyard

offsite link President Putin?s Interview with Oliver Stone Mon Jul 22, 2019 01:54 | Scott
Vladimir Putin answered questions from American film director, screenwriter and producer Oliver Stone. The interview was recorded on June 19, 2019 in the Kremlin Oliver Stone: So, I interviewed Mr Medvedchuk. It was in Monte Carlo. He gave

offsite link Any military aggression against Iran will drag entire Mideast into chaos: Nasrallah Sat Jul 20, 2019 07:46 | Scott
https://www.presstv.com/Det... In this undated file picture, the Secretary General of the Lebanese Hezbollah resistance movement, Sayyed Hassan Nasrallah (R) meets with Iranian parliament speaker’s special advisor on international affairs, Hossein

offsite link Moveable Feast Cafe 2019/07/20 ? Open Thread Sat Jul 20, 2019 05:30 | Herb Swanson
2019/07/20 04:30:01Welcome to the ‘Moveable Feast Cafe’. The ‘Moveable Feast’ is an open thread where readers can post wide ranging observations, articles, rants, off topic and have animate discussions of

offsite link Russia Shutters Georgian Democracy Sat Jul 20, 2019 03:54 | Scott
Russia Shutters Georgian Democracy Democracy is in danger once again. The treacherous Putin regime is pressuring Georgia with sanctions, prohibiting flights between the countries and putting it under duress. Naturally,

offsite link Sergey Lavrov?s interview with the newspaper Argumenty i Fakty Thu Jul 18, 2019 19:00 | Scott
Foreign Minister Sergey Lavrov?s interview with the newspaper Argumenty i Fakty published on July 17, 2019 Original interview in Russian Question: Can an improvement in the relations with the United

The Saker >>

Aftershocks Pummel Highly Indebted Nepal

category international | miscellaneous | news report author Monday April 27, 2015 16:46author by Sophia Har - Jubilee USA Network Report this post to the editors

Poor Country Spends 217 Million Annually on Debt Payments

As Nepal experiences aftershocks from Saturday's earthquake, it may find relief in the IMF's Catastrophe Containment and Relief Trust, a fund that cancels the debt of poor countries in crisis.

Severe aftershocks continue to terrorize Nepal which was struck by a 7.8 magnitude earthquake on Saturday. The rising death toll climbed beyond 3,000 people. Nepal is one of the least developed countries in the world, ranking 145th out of 187 countries in the United Nations Human Development Index. According to the World Bank, Nepal owes $3.8 billion in debt to foreign lenders and spent $217 million repaying debt in 2013. Nepal owes approximately $1.5 billion each to the World Bank and the Asian Development Bank and $54 million to the International Monetary Fund (IMF). It owes $133 million to Japan and $101 million to China.

“Nepal is one of the least developed countries in the world and needs immediate financing to recover,” said Eric LeCompte, executive director of the religious development coalition, Jubilee USA Network. "Relieving Nepal's debts not only provides resources now, but can also help the country rebuild."

Nepal is one of 38 countries eligible for assistance from the IMF's new Catastrophe Containment and Relief Trust (CCR). The IMF created the CCR in February to provide debt relief to poor countries impacted by natural disasters or health crises. The new fund canceled nearly $100 million in debt for Ebola-impacted countries. In order to qualify for relief from the new fund after a natural disaster, a country must meet certain criteria. The disaster must destroy more than 25% of the country's "productive capacity," impact one third of its people or cause damage greater than the size of the country's economy. It is not yet known if Nepal will qualify. Of the $54 million Nepal owes the IMF, $10 million is due in 2015 and nearly $13 million is due in 2016.

"This new IMF fund can provide urgent relief as Nepal struggles to recover," noted LeCompte, who serves on expert groups to the United Nations that focus on debt. "Given the amount Nepal owes to the World Bank, we really need the Bank to take leadership and cancel debt. It's time for the World Bank to release its own plans for a crisis rapid response facility."

The World Bank is working on a new facility to respond quickly to disasters but has yet to publicly release any details. The IMF asked governments to fund its new trust for future crises. The United Kingdom and Germany recently pledged $72 million in contributions. During the Spring IMF meetings, Austria, Portugal and Mexico also announced they would contribute $16 million more.

"Debt relief can help Nepal," said LeCompte. "The earthquake shows how debts keep poor countries ill prepared for crisis."

In 2010, Jubilee USA moved the IMF to cancel Haiti's debt after its earthquake and to create a new debt relief fund for countries struck by disasters. Last Fall, Jubilee USA worked with the White House to urge the IMF to use that fund to cancel debt for Ebola-impacted Sierra Leone, Guinea and Liberia. In February, the IMF revised the previous debt relief fund and expanded it to include countries impacted by health crises. It then announced $100 million in debt relief for the three West African countries and called on governments to cancel $70 million more in Ebola-affected country debt.

Jubilee USA Network is an alliance of more than 75 US organizations and 400 faith communities working with 50 Jubilee global partners. Jubilee's mission is to build an economy that serves, protects and promotes the participation of the most vulnerable. Jubilee USA has won critical global financial reforms and more than $130 billion in debt relief to benefit the world's poorest people. www.jubileeusa.org

© 2001-2019 Independent Media Centre Ireland. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by Independent Media Centre Ireland. Disclaimer | Privacy