Debt Relief Movement

During the last decade of the 20th century, a network of organizations from several countries formed to address the issue of Third World debt. The escalating level of debt owed by the governments of developing nations was so crippling that basic services in many of those countries began to collapse. Countries owed money to the governments of developed countries, as well as to international economic organizations such as the World Bank and the International Monetary Fund (IMF). The G7, the seven most powerful and wealthy nations, financially backed these organizations.

The debt forgiveness movement demanded an immediate and complete abolishment of all debt owed by the poorest countries. The movement expanded globally in 1996, with the formation of Jubilee 2000. Originally the idea of retired political scientist Martin Dent, Jubilee 2000 was based in the biblical concept of jubilee, or the forgiveness of debts and liberation of slaves every 50 years. The Jubilee campaign grew in both the North (developed world) and the South (Third World). Much of the international leadership, however, was based in Great Britain. The Debt Crisis Network (DCN) formed in the United Kingdom as a coalition of debt campaigning agencies. The campaign set the millennium as the deadline. In April 1996, Ann Pettifor, from DCN, became the organization's lead coordinator, and in 1997, Jubilee 2000 and DCN merged to become the Jubilee 2000 Coalition.

It was a high-profile campaign, holding huge public protests and attracting a large celebrity support base. The movement drew a lot of celebrity support. Desmond Tutu became Jubilee 2000 president of the campaign. Pope John Paul supported the movement, as did American evangelical Pat Robertson. Irish rock star Bono became an international spokesperson. The retired boxer Muhammad Ali also became a public supporter of debt forgiveness.

Jubilee 2000 truly represented a grassroots movement. It was both global and citizen-initiated. The organization framed the debt situation in easy-to-understand terms. A central tool of the campaign was a global petition. The Jubilee 2000 coalition's petition went to 166 nations and held a total of 24.2 million signatures. Under Jubilee 2000's criteria, 52 nations qualified for debt forgiveness. This equaled an estimated $350 billion in debt.

Jubilee 2000 ended on December 31, 2000. It succeeded in establishing a popular international social movement and was partially successful in completing its vision. Following the Cologne Summit in 1999, the G8 committed US$100 billion toward relief of multilateral debt and another US$10 billion for bilateral debt. Despite these commitments, by the end of 2000, only two countries had received debt relief. The debt campaigns continue in many countries, but without the international leadership and focus provided by Jubilee 2000 during the late 1990s.