This campaign has now closed
Debt payments for lower income countries are at their highest in 25 years. 54 countries are in a debt crisis. Pushed into debt by the cost of living crisis, the pandemic and climate crisis, they have been forced to borrow at eye-watering interest rates. This can’t continue. Help cancel the debt!
Categories
Beneficiaries
Situation
54 lower income countries are in a debt crisis. High-interest debt repayments are leaving them without money for essential services like healthcare, education, or addressing the climate crisis. But instead of cancelling unsustainable debt, some of the world’s richest banks and hedge funds are making millions: demanding full repayment plus interest. This year, flood-hit Pakistan will spend $22.5 billion on debt repayments - making speculators over 200% profit. We must push for debt cancellation.
Solution
We are campaigning to secure debt cancellation for countries in debt crisis so that lower income countries’ debts are manageable, and they can fund public services and fight climate change. UK law plays a key role in enforcing debt contracts – 90% of the lending to lower income countries is enforced through UK courts. So, side by side with campaigners from countries in crisis, we’re campaigning for a new UK law that would force private lenders to cancel debt.