Bishops' international policy leader welcomes debt relief decision

Published: 2006-04-11

WASHINGTON (CNS) -- The chairman of the U.S. bishops' Committee on International Policy has welcomed a decision by the World Bank executive board to forgive completely the debt of 17 of the world's heavily indebted poor countries. "This important step will mean that poor countries will not have to wait over a year for debt cancellation once they have qualified," said the committee head, Bishop Thomas G. Wenski of Orlando, Fla. "This step will relieve the burdens on some of our most vulnerable brothers and sisters around the world," he added. In late March the World Bank's board of executive directors approved the necessary financing and implementation details to begin canceling all remaining debt on International Development Association loans to 17 heavily indebted poor countries that have reached what is called the "completion point" of responsible economic and social reorganization. The association is the part of the World Bank that focuses on development in the poorest nations of the world. The decision is slated to take effect with the start of the bank's new fiscal year July 1.

Copyright (c) 2006 Catholic News Service /U.S. Conference of Catholic Bishops. The CNS news report may not be published, broadcast, rewritten or otherwise distributed, including but not limited to such means as framing or any other digital copying or distribution method, in whole or in part without the prior written authority of Catholic News Service .