Foreign Debt

40. Furthermore, in her search for justice in a world marred by social and economic inequalities, the Church cannot ignore the heavy burden of debt incurred by many developing nations in Asia, with its consequent impact upon their present and future. In many cases, these countries are forced to cut down spending on the necessities of life such as food, health, housing and education, in order to service their debts to international monetary agencies and banks. This means that many people are trapped in living conditions which are an affront to human dignity. While aware of the technical complexities of this matter, the Synod recognized that this issue tests the capacity of peoples, societies and governments to value the human person and the lives of millions of human beings more highly than financial and material gain. ¹⁹⁶

The approach of the Great Jubilee of the Year 2000 is an opportune time for the Episcopal Conferences of the world, especially of the wealthier nations, to encourage international monetary agencies and banks to explore ways of easing the international debt situation. Among the more obvious are a renegotiation of debts, with either substantial reduction or outright cancellation, as also business ventures and investments to assist the economies of the poorer countries. ¹⁹⁷ At the same time the Synod Fathers also addressed the debtor countries. They emphasized the need to develop a sense of national responsibility, reminding them of the importance of sound economic planning, transparency and good management, and invited them to wage a resolute campaign against corruption. ¹⁹⁸ They called upon the Christians of Asia to condemn all forms of corruption and the misappropriation of public funds by those holding political power. ¹⁹⁹ The citizens of debtor countries have too often been victims of waste and inefficiency at home, before falling victim to the international debt crisis.