Political Quotes

“as we consider legislation today on the global epidemic of HIV/AIDS, I urge my colleagues to think about this: While the poorest nations of the world lack the resources to provide the most basic public health care and the most basic education, they still send money to the international financial institutions established by the wealthiest nations of the world. The 26 countries currently qualified to receive debt relief under the heavily indebted poor country--HIPC--program continue to pay more than $2 billion annually on debt service. That money goes to the World Bank and the International Monetary Fund here in Washington, as well as other lenders, to pay the interest on loans they have received over the years. Unless we act now on this HIV/AIDS bill to reduce that debt burden, we run the real risk that the resources we are providing them today will find their way back, not only to Washington, but to other lenders, such as France, Germany, and Japan. Deeper debt relief for those poor countries is essential to make the work we are doing on this HIV/AIDS legislation as effective as possible, and to make sure that funds do not leak out through the mandatory spending these countries must do to service their debts every year. Money is money and the problem of these debt payments is very real for these poor countries. As long as they face these mandatory debt payments, the resources we are providing in this HIV/AIDS bill will be less effective.”