Christopher Shays: “Debt cancellation has proven to reduce poverty and save lives. It sends a strong message that we care about the rest of…”

“Debt cancellation has proven to reduce poverty and save lives. It sends a strong message that we care about the rest of the world. It is sound economics, and it is humane. The debt cancellation support by Congress in 1999 and 2005 has reached more than 2,000 countries in Africa and Latin America as has been described already. When Uganda is using $57.9 million freed by debt cancellation to increase spending on primary education, malaria control, health care and infrastructure, that is good for every Ugandan citizen, its neighbors and the world at large. Today's legislation, adopting an additional nine impoverished countries to the list of countries eligible for debt cancellation and making an additional 15 countries eligible for relief is a very positive step. The bill costs an estimated $197 million if all nine countries enter into the agreement, and $119 million if Vietnam decides not to participate. This is reasonable expenditure, a wise investment and a significant effort of goodwill by our country towards the world community.”