Media releases > Developing world debt

VSO echoes Bono's call to the UK Government

VSO is calling on the UK Government to take the lead not only at the G8 next year but also this weekend in Washington, where the IMF, World Bank and G7 countries are meeting and will discuss the issue of debt.

Gordon Brown has this week taken the initiative by cancelling the UK proportion of the third world debt owed to the World Bank. Other G7 members, like France and Germany, must follow suit if the world's poorest countries are to feel any significant benefit.

VSO works day to day in countries like Zambia who are currently paying US$156 million more in debt repayments than they can spend on education. This is an impossible situation in the context of the 2015 targets on education set out by the Millenium Development Goals

It will not be until there is full debt cancellation that achievement of these goals can be anywhere near realistic. The IMF is in a position to do exactly that by revaluing its extensive gold reserves. 

Editors' notes

• Bono and VSO are part of the Make Poverty History coalition www.makepovertyhistory.org
• VSO launches a report this Friday (1 October 2004) highlighting the report of debt repayments on the Zambian education system
• VSO is encouraging supporters to fill out an action card calling on the IMF to cancel Zambia's debts
• For more information contact the VSO Press Office