Network seeks to cancel Iraq's 'odious debt'

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Network seeks to cancel Iraq's 'odious debt'
Catholic lobby Network asks citizens to contact their members of Congress and ask for them to co-sponsor H.R. 2482. The measure calls for the International Monetary Fund and World Bank to cancel Iraq's "odious debt," that is debt accrued under an oppressive regime that will now be passed on to the very people who were often the victims of oppression. The bill calls on the IMF and World Bank to cancel debts from their own resources, so it would not cost the U.S. taxpayer a dime.

Network helped compose the bill, which was introduced on June 11 by Representatives Maloney and Leach. The group hopes the measure will set a precedent for legislation on odious debt that could open the door for future bills on similar debts in Africa, Asia, and Latin America.

If 25 additional members agree to co-sponsor the bill, Network believe it could move through committee as a stand-alone bill or be able to be attached to the foreign operations appropriation bills.

For more information on debt, please contact Marie Clarke at Jubilee USANetwork. (202) 255-7849.

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