Since the global financial crisis of 2008, there has been a new boom in irresponsible lending to the developing world.
This lending boom is threatening to set a new debt trap for people in poverty around the world, particularly in Africa. Governments are unable to afford to pay off their debts and provide basic services like healthcare and education to their people.
Tell Credit Suisse and VTB to drop the debts claimed from Mozambique
In 2013 Credit Suisse and VTB lent $1.1 billion to two publicly-owned companies in Mozambique from their offices in London. Details of the loans were not made public, and they were never approved by Mozambique’s parliament – in direct contravention of the country’s constitution. Civil society groups in Mozambique have condemned the loans as ‘illegal’, […]
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Latest from the campaign
Jubilee Debt Campaign, 17 November 2016
Yields on African countries’ debts have increased by more than for countries such as the US and UK Calculations by the Jubilee Debt Campaign have shown that the future borrowing costs of African governments have risen across the board in the last week, following Donald Trump winning the US Presidential election. For 12 African countries […]
Jubilee Debt Campaign, 2 November 2016
A new debt crisis has begun in impoverished countries. The UK needs to take responsibility now for the debt contracted under English law. Read the 4 page briefing here Summary A new debt crisis has begun in impoverished countries, with Mozambique and Ghana unable to pay debts. Unless dealt with effectively, the crisis could cause […]
Jubilee Debt Campaign, 25 October 2016
Reacting to reports that the government of Mozambique has announced that it cannot pay its private external debt, Sarah-Jayne Clifton, Director of the Jubilee Debt Campaign, said: “Mozambique’s unpayable debt is the result of reckless lending and borrowing and the crash in the price of commodities. It is immoral for those who lent the money […]
Tim Jones, 18 October 2016
World Bank admits to breaking rules to guarantee high interest Ghana debt, but misleads in attempt to justify the decision.
Jubilee Debt Campaign, 9 October 2016
Read the report (32 pages) or executive summary (4 pages). Independence Arch in Accra, capital of Ghana (Photo: Joe Ronzio/Flickr) Ghana is in a debt crisis. Having had significant amounts of debt cancelled a decade ago, the country is losing around 30% of government revenue in external debt payments each year. Ghana’s crisis is the result of […]