Rising living costs, the impact of war in Ukraine on food prices and climate crisis are all pushing lower income countries into debt. 54 countries are in crisis, forced to borrow at inflated interest rates from banks. Debt levels are their highest in 20 years. Help us campaign to cancel the debt!
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54 lower income countries are in debt crisis, undermining the ability of governments to invest in vital services like healthcare and education and fight the climate crisis. In Zambia spending on public services has been cut by 21%, while lenders such as asset manager BlackRock could make over $180 million profit if paid in full. Thanks to campaigning some debts have been cancelled but big banks and hedge funds have refused to co-operate. We must keep up the pressure for debt cancellation.
We are campaigning to secure debt cancellation for countries in debt crisis. Thanks to prior campaigns, a new international process has been set up to help, but private lenders like banks and hedge funds have so far refused to take part. Lower income countries need debt cancellation to bring debts down to manageable, levels, so they can fund public services and fight climate change. Working side by side with campaigners from countries in crisis, we will campaign for international action.