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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.

Odious loans from UK banks to Mozambique – Write to your MP

Africa's debt crisis: The UK's role

An audit into secret loans to Mozambique has been released, and it has raised huge questions about the role played by London-based banks. Please write to your MP now to ask them to support new regulations on debt transparency.

1204 actions taken Act now

More actions

  • No bailout for Mozambique’s secret lenders

    Mozambique is in a stand-off with its creditors over $1.1 billion of secret debts revealed last year. But now campaigners in Mozambique fear the IMF will give the country new loans before those responsible for the scandal have been held to account. Please tell the UK government not to support a bailout for Mozambique’s secret […]

    1108 actions taken
  • 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’, […]

    1748 actions taken

Latest from the campaign

  • Hidden debts contribute to crisis in Congo

    Tim Jones, 18 October 2017

    Questions still to be answered about scale of hidden debts and who loans were from Congo and Chad both cannot repay, but negotiations complicated by loans backed by oil The IMF has reported that the Republic of Congo’s debt is higher than previously thought, but has not shown by how much or who the hidden […]

  • Photo: iStock/mevans (trap), iStock/Parliament Studios Inc (dollars)

    The new developing world debt crisis

    Jubilee Debt Campaign, 11 October 2017

    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, Chad, Congo and Gambia unable to pay debts. Unless dealt with effectively, the crisis could […]

  • Campaign improves IMF debt assessments, but risk of crises continues to increase

    Tim Jones, 9 October 2017

    The IMF and World Bank have agreed some positive changes to their system for monitoring debts of impoverished countries, though some large issues have been ignored. The system, known as the Debt Sustainability Framework, is important as it directly impacts on amounts of lending by the World Bank and other multilateral development banks, and influences […]

  • Guide to responding to MPs about odious loans to Mozambique

    Jubilee Debt Campaign, 4 October 2017

    Thank you for writing to your MP about odious loans by UK banks to Mozambique. If you have not done so yet, please take action now. In 2013, two London- based banks lent $2 billion to three state-owned companies in Mozambique. The loans were given in secret, bypassing the Mozambique parliament. An independent audit has […]

  • Indebted Caribbean islands need urgent debt relief

    Tim Jones, 26 September 2017

    As the devastation from recent hurricanes in the Caribbean becomes clearer, the calls for debt relief for affected countries grows stronger. In Dominica, 98% of the buildings are damaged, with Prime Minister Roosevelt Skerrit saying “We have lost all that money can buy and replace.” Dominica is already heavily indebted, with 14% of government revenue […]

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