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ZIMCODD collaborates with arts sector for Debtweek 2011
ZIMCODD will be commemorating the second Debtweek in Zimbabwe from 12 to 15 October with the theme, "No Loans for us without us." The commemoration will be a collaborative effort with artists from the theatre sector. Debtweek otherwise known as the annual 'Global Week on Debt and IFIs' is a week of citizens' actions and mobilizations worldwide, around the issue of unsustainable public debt and its negative impacts on the citizens and economies of poor countries globally.
This year's commemoration
will centre on the play also entitled, "No Loans for US without
US" which was produced by Savannah
Arts Trust. The play will be showcased at Theatre in the Park daily
during the Debtweek days. The play is a professional and insightful work
of art, which emphasises the need for citizens and their elected representatives
to be consulted in matters relating to their economy. The specific issue
under focus is public finance management, in particular the contraction,
management and payment of public debts.
As the play will show, unsustainable levels of public debt stand in the way of citizens' enjoyment of their social and economic rights. Citizens of poor countries suffer an opportunity cost as debts have to be paid off at the expense of financing the Millennium Development Goals. As Dr Adebayo Adedeji once said, "Debt is tearing down schools, clinics, hospitals and the effects are no less devastating than war."
A number of poor countries
have benefited from several frameworks to reduce their debt levels over
the years. However recent research shows that the same countries are contracting
debt all over again to unsustainable levels. Others are unable to stabilise
or grow their economies because past debts stand in the way.
The result is that
the lenders play a dominant role in assessing the need for a loan, and
its terms and conditions. The terms of the loans may are often too harsh
to bring about social and economic improvement as creditors impose misplaced
conditionalities, setting their own priorities instead of following those
of the borrowing country's citizens.
The play by Savannah Arts Trust, which made its debut at the inaugural commemoration of Debtweek in 2010, makes its return to a public audience, to enlighten audiences and continue debate on this critical issue.
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