Pope buys first bond to immunize poor children

By JOHN L. ALLEN JR.
Toledo, Ohio

From time to time I’m asked to comment upon “communications strategy” in the Vatican, to which my normal answer is that as soon as they develop one, I’ll be happy to analyze it.

In fact, there is no detailed plan for media relations, and there’s certainly no war room where senior Vatican aides gather at 8:00 am each day to hammer out that day’s “message.” For the most part, deciding whether, and how, to engage the world of mass communications is left in the hands of senior Vatican officials to figure out for themselves.

In that light, journalists over the years have come to appreciate Cardinal Renato Martino, President of the Pontifical Council for Justice and Peace as well as the Pontifical Council for the Pastoral Care of Migrants and Itinerant Peoples. As the old joke goes, Martino is one of those guys who would speak at the opening of an envelope. Rarely does a day go by without a press release from his office detailing his latest speech, award, or intervention, all calculated to raise the visibility of the social teaching of the Catholic Church.

Yesterday, Martino made international headlines by opposing the death sentence for Saddam Hussein, calling it a “vindictive act.”

Today, Martino is again at the center of the news. It’s a much more upbeat story, involving a partnership between two rather unusual allies – the Catholic Church and the British government, and more specifically, Pope Benedict XVI and the Chancellor of Exchequer Gordon Brown.

This morning in London, Benedict XVI – acting through Martino – became the first purchaser of bonds issued by the International Finance Facility for Immunization, a multi-governmental bond issue spearheaded by Brown whose aim is to raise funds to immunize 500 million of the world’s poorest children.

Back in 2004, Pope John Paul II endorsed the launch of the International Finance Facility during a meeting with Brown, who came up with the idea of selling bonds backed by governments in order to raise money quickly for development projects. The idea of the immunization bond is to generate funds to inoculate poor children against diseases that do not provide much market incentive, since they strike predominantly poor populations – such as polio, malaria, and tuberculosis.

Organizers assert that the bond issue could save the lives of 10 million persons, including 5 million children, in 72 nations by the year 2015.

The Vatican did not disclose how much Benedict contributed to purchase the bond, but British government sources made it clear that his involvement carries enormous “symbolic significance.”

Those governments participating in the bond have pledged to pay interest and reimburse the amount of the obligation upon expiration, while the funds raised will go immediately to the immunization effort.

Martino noted that the immunization bonds, though laudable, should not be considered part of the 0.7 percent of Gross National Product that the governments of the world vowed 36 years ago, through the United Nations, to devote to poverty relief and development assistance.

“While denouncing the scarce implementation up to now [of this pledge], since it is still a voluntary minority of governments that have completely upheld their promise, [the bond] constitutes a stimulus to be faithful to these obligations already undertaken. The Holy Father has many times warned against an explosion of the ‘outrage of the poor,’ the too many Lazaruses who collect the crumbs from the tables of the rich of the world,” Martino’s release stated.

At present, the countries participating in the bond issue are Great Britain, France, Norway, Sweden, Italy, Spain, South Africa and Brazil. The bond will fund the Global Alliance for Vaccines and Immunization. Before the bonds went on sale, the largest donors to the alliance were the Bill & Melinda Gates Foundation and the U.S. government. The bonds have been given the top ‘AAA’ ratings by the world's major rating agencies; the sale is being handled by Goldman Sachs and Deutsche Bank.

The ceremony marking the initial sale of the bond, as well as the pope’s purchase, was held in London. In addition to Martino, Cardinal Cormac Murphy-O’Connor of Westminster and Cardinal Keith O’Brien of Edinburgh were present, along with the Anglican Archbishop of Canterbury, Rowan Williams, the Chief Rabbi of England, and representatives of other faiths.

A reception followed at 11 Downing Street, the residence of the Chancellor of the Exchequer.

“Over the years I have seen at first hand the devastation of poverty and conflict. The memories of such horrors are still very clear in my mind after my trips to Rwanda, the Congo and Darfur,” O’Brien said.

“It is not long since July 2005 when huge numbers took to the streets of Edinburgh and with one voice cried out ‘Make Poverty History,’ he said. “It is tremendously re-assuring to all that we are seeing a dynamic and practical response to our desire for justice. These bonds are metaphorically priceless because human life is literally priceless.”