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World Bank Authorization Our policy report Unmasking the IMF was delivered to key members of Congress in relevant committees in July –The report reveals.

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Presentation on theme: "World Bank Authorization Our policy report Unmasking the IMF was delivered to key members of Congress in relevant committees in July –The report reveals."— Presentation transcript:

1 World Bank Authorization Our policy report Unmasking the IMF was delivered to key members of Congress in relevant committees in July –The report reveals the ongoing need to reform the IMF lending practices that impede economic recovery and long-term development in impoverished countries –We urged Congress to consider the critical reforms as part of the package of overall reforms before authorizing the US contribution toward the negotiated capital increase for the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA) 16 replenishment –We are still in touch with offices and are urging members of Congress to include the changes that we are suggesting in the World Bank Authorization process

2 Spotlight on Debt On June 23, 2011, Jubilee USA worked with Americans for Informed Democracy and Oxfam America for a ceremony crowning Christine Lagarde as the new managing director of the IMF –Received news coverage by Reuters, BBC, and EFE Eric LeCompte appeared on Pacifica Radio to speak about the recent appointment of Christine Lagarde by the IMF and what this means for debt relief for the world's poor

3 Responsible Borrowing and Lending Jubilee USA Network will be reintroducing the Jubilee Act with a new emphasis exclusively on responsible borrowing and lending due to the current political climate focused on U.S. financial solvency concerns We will be releasing a report in October 2011 on the Principles of Responsible Borrowing and Lending Jubilee is working with our global partners UNCTAD and AFRODAD to implement a responsible borrowing and lending international treaty; Jubilee served as an expert on theses issues

4 Voices of Esther Campaign Jubilee USA works to stand in solidarity with the world’s poorest and raise our voices for economic justice In the Bible, the Book of Esther tells the story of a woman who used her access to power to save her people from certain death –We urge activists to be an Esther in the global community and call for change in partnership with those in the Global South –Jubilee USA’s supporters around the US follow Esther’s example by sending postcards to their representatives and to the President to pursue debt cancellation and responsible finance Over 10,000 postcards have been sent to faith communities We will be sharing these postcards with members of Congress and President Obama during lobbying meetings

5 Meeting at the White House Jubilee is organizing a meeting with Vice President Biden and high profile religious leaders to heed the call of Jubilee USA When we meet with the cabinet, we will urge President Obama to encourage: –The implementation of responsible lending and borrowing principles –True solutions to the international debt crisis by closing tax havens and corporate tax loop holes

6 1,000 Faith Leaders Campaign As of September 6, 1,340 Faith Leaders signed on to an interfaith letter to the President –Letter pushes our agenda with the President –It builds support for the Jubilee movement in Churches, Synagogues, and Mosques in the US –It presents solutions that will end the international debt crises by promoting responsible lending and borrowing and ending corporate tax loop holes

7 Tax Justice Collaboration Jubilee USA is a member of Financial Accountability and Corporate Transparency (FACT) Coalition Jubilee collaborates with Global Financial Integrity (GFI), Global Witness, USPIRG, and others on tax justice issues Initiatives include: –Lobbying with FACT Coalition members on Capitol Hill about Incorporation Transparency and Law Enforcement Act and the Stop Tax Haven Abuse Act –Participating in the End Tax Haven Secrecy global campaign and the global week of action in November surrounding the G20 Finance Ministers meeting

8 One of the Root Causes of Poverty: Tax Injustice In the year 2000, the richest 10% of the world’s population held 85% of its total income and wealth. 1 The current manner in which corporations and the elite do ‘business as usual’ have contributed to vast inequalities. Between 2000 and 2008, African countries lost 6.5 trillion dollars in revenue due to unfair tax dodging policies. If low-income countries were able to benefit from their tax revenue, more resources could be dedicated to providing people with clean water, healthcare, and education 1 Field Guide to the U.S. Economy, 2008

9 Closing Corporate Tax Loop Holes Senators Carl Levin (D-MI) and Chuck Grassley (R-IA) introduced S The Incorporation Transparency and Law Enforcement Act on August 2 nd, 2011 –The bill would protect the United States from U.S. corporations being misused to commit terrorism, money laundering, tax evasion, or other misconduct Jubilee USA mobilized its grassroots network in Oklahoma to encourage Senator Tom Coburn to support this legislation –Jubilee sent a letter with signatures of ten faith leaders in Oklahoma to Senator Coburn urging him to support S. 1483

10 Ending Tax Haven Secrecy Senators Carl Levin (D-MI) introduced the Stop Tax Haven Abuse Act on July 12, 2011 –The bill would close offshore tax loopholes, raise revenue, and keep profits and jobs in U.S. –Jubilee is collaborating with FACT to push this bill forward Global End Tax Haven Secrecy Campaign –Jubilee wrote a blog about tax havens and global poverty –Jubilee will be sending out an eBlast to collect signatures from our grassroots network for the international End Tax Haven Secrecy petition; signatures collected worldwide will be presented at the G20 meeting in November –Jubilee is also a part of the global campaign and will be participating in the End Tax Haven Secrecy week of action in November during the G20 Finance Ministers meeting

11 ZIMCODD Partnership Jubilee USA and ZIMCODD will be collaborating to: -Promote a common analysis and advocacy to the US Treasury, the G20, and the United Nations for debt relief and the responsible lending and borrowing -Engage in staff sharing with our counterparts in Zimbabwe; we will work with our partners on their debt audit, facilitate grassroots speaking events, and host colleagues from Zimbabwe in DC for meetings with Congress, the UN, the White House, and the Treasury We are strengthening our partnership with our colleagues at Zimbabwe Coalition on Debt and Development (ZIMCODD), an organization working on debt relief in Harare, Zimbabwe

12 Illegitimate Debt Week Jubilee is planning for the worldwide Illegitimate Debt Week with our global partners including Jubilee South, CADTM, EURODAD, and others –Actions will be implemented in 50 countries –Jubilee is on the steering committee Jubilee will be facilitating actions around the U.S. through Jubilee Sunday (October 16 th ) and other events organized by our grassroots networks nationwide

13 Jubilee Sunday and Jubilee Shabbat Jubilee Sunday will take place 10/16/2011 and Jubilee Shabbat will take place in spring 2012 –During this time, members of the faith community can dedicate part of their service to global poverty –Services will take place around the country as communities of faith stand up in solidarity with their brothers and sisters in the Global South to bring about greater economic justice for the world’s poorest

14 Jubilee's mission is to end unjust debt and transform the international financial system to benefit and ensure participation of the most vulnerable.

15 Thank you for your support!


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