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1、外文翻译Foreigndebt management analysis Material Source: Womens Consultation Briefing Paper Author: Gail Lerner, Rebecca Desiree Lozada and Viola Torres There is a strong consensus in the international community that the debt burden is a serious barrier to the creation of any meaningful development stra
2、tegy. The Secretary Generals report of earlier this year rightly identifies debt as a significant obstacle to development in low-income, middle-income and transition economy countries. It recognizes that debt financing ought to be an integral part of a countrys development effort and not a hindrance
3、. The foreign debt is growing exponentially. Debt relief continues to be an exercise of power and control through the conditionalities imposed by the International Financial Institutions (IFIs). Structural Adjustment Programmes (SAPs) impose unacceptable conditions on debtor nations and drain them o
4、f precious resources.Presentdebt-management proposalssuchas thosedevisedby creditorsthe Heavily Indebted Poor Countries (HIPC) Initiative, to include the Enhanced HIPCoffer too little, too late, to too few countries. Because these are designed by creditors, their purpose is debt collection, not debt
5、 relief. Both lenders and borrowers must take responsibility for the debt crisis. It is unjust that creditors dominate the debt relief process. Unless present debt-management plans are transformed into effective, equitable, development-oriented and durable debt release opportunities, the devastating
6、 cycle of debt accumulation will repeat itself, condemning millions more people to suffering. Debtor governments are obliged to prioritize debt repayments over spending on health, education, sanitation, clean water and other social needs. This undermines accountability by debtor governments to the p
7、eople, which in turn erodes local democratic institutions. Debt and loan negotiations are always conducted in secret between elites in the North and elites in the South, fostering corruption. Finally, if the debt problem is to be resolved in a way that contributes in an integral way to sustainable c
8、ommunity, attention must be paid to how concurrent channels of development financing contribute towards the creation and expansion of external debt. For example, attention needs to be given to how existing trade andinvestment agreements might inhibit rather than enhance revenue- generating opportuni
9、ties for developing countries. Vigilance needs to be maintained so that development efforts are not financed through modalities, instruments or mechanisms that create additional burdensome debt. International fora of civil society convened by the international Jubilee campaigns call for the cancella
10、tion of all illegitimate debts of all Southern countries. The prevailing opinion is that there are several categories of illegitimate debt, which can be identified as follows:1.Debts that are illegitimate to repay, that is, they cannot be serviced without causing harm to people and communities.2.Deb
11、ts incurred by illegitimate debtors and creditors acting illegitimately which includes both “odious debt”(that is any debt incurred not for the needs or interests of the state but to strengthen a despotic regime that represses its own population).3.Debts incurred for illegitimate uses, such as debts
12、 for projects which were never built or did not befit the people as they were intended; debts contracted for fraudulent purposes;4.Debts incurred with illegitimate terms, included debts incurred at usurious interest rates; debts that became unpayable as a result of external factors (unilateral incre
13、ase in interest rates) over which debtors have no control. Caught as they are at the divide between the productive and reproductive spheres of life, women have borne the full impact of debt dependence, adherence to SAPs and underdevelopment. In their multitude roles of worker, caregiver, home manage
14、r, wife and mother, womens time and energies are stretched to breaking point as they strive to enable the family to survive economic crises. Instead of perpetuating this set-up, the Financing for Development process must work for systemic, structural and policy changes and programmes that will free
15、countries from the debt trap, prevent the repetition of these problems and promote political and economic democracy and equity, gender equality, popular empowerment and sustainable communities. From this framework and towards this end, we recommend that the international community ensure the:*Immedi
16、ate cancellation of 100% of the debts of low-income countries, immediate debt relief for severely indebted middle income countries, and cancellation of the illegitimate debts of all Southern countries.*Active participation of civil society in decision-making processes that determine the allocation of funds from new loans and debt relief.*Elimination of any conditionalities attached to new loans and debt
