Canada must lead global debt cancellation, like it did 25 years ago
As Canada considers its place in an increasingly volatile global order, Canadians want to see their country emerge as a voice of solidarity. It can start by rediscovering its leadership on debt cancellation and becoming a strong ally to countries and people burdened by unpayable debt.
In 2000, Canada’s then-finance minister Paul Martin announced the cancellation of $700-million in debt for 11 of the world’s poorest countries. The move was prompted by a global campaign for debt cancellation mobilizing under the banner of the “jubilee,” a biblical idea involving the cancellation of debts. Backed by prominent voices from U2 lead singer Bono to Pope John Paul II, the campaign took off. More than 640,000 Canadians signed the campaign petition.
Since then, Canada has cancelled a total of $1-billion in debt for 15 countries. Worldwide, more than $130-billion in debt was cancelled for 36 nations.
This Op-Ed was published in The Hill Times on May 1, 2025.
