Canberra Baptist Church, Australia:

The Jubilee 2000 Charter
(summarized)

The Jubilee 2000 Charter suggests a solution to the problem of Developing Nation debt which is attractive to both debtors and creditors. It proposes the remission - by December 2000 - of the unpayable debts owed by highly indebted poor countries to commercial banks, creditor governments and multilateral bodies (such as the International Monetary Fund, the World Bank and Regional Development Banks).

The Jubilee Charter proposes that:

* there is an overwhelming need for remission of the backlog of unpayable debtors owed by highly indebted poor countries, Debt remission should relate to commercial, government and IMF/World Bank debts, and debt reduction should comprehensively include all their forms of debt.

* Creditors as well as debtors must accept responsibility for this high level of indebtedness

* The remission should be a one-off, unrepeatable act, tied to the celebration of the new millenium. It would set no precedent for future loans.

* The precise details of remission should be worked out in consultation with both creditors and debtors for each debtor country.

* These details should be agreed by arbitrators nominated in equal numbers by both creditors and debtors, un the aegis of the UN.
- Their deliberations should be transparent and well-publicised, taking into account for each debtor country, that country's probity, economic management, social policies and human rights record.

* Funds available after the remission of debt should be channelled into policies which benefit the poor, in line with UNICEF's recommendations for investment in social development.

* There should be a 100% remission of the backlog of unpayable debts to each severely indebted, low or middle income country with strong indicators of deprivation.