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.
No New Debt Trap – Write to Your MP
Lending to the global South has TRIPLED since the financial crisis. With commodity prices falling and interest expected to rise, there’s a growing threat of a new debt trap.
2093 actions taken Act now
Corporate tax dodging is unfair: nearly everyone loses out when tax rules allow big companies to avoid paying their fair share. We need a Tax Dodging Bill to make tax fair and to raise funds to fight poverty in the UK and developing countries. 65,000 people have already signed. Join us: Find out more Check […]
Ebola has already claimed the lives of more than 6,000 people in West Africa. Health workers are fighting day and night to treat and contain it, at great personal risk. Many haven’t been paid for months. Yet millions of dollars are leaving Liberia, Sierra Leone and Guinea in debt repayments. Please call on the IMF and World Bank to drop the debt for countries fighting Ebola now.7320 actions taken
History is repeating in the global economy. With interest rates low and investors hunting for returns, lending to the most impoverished countries has doubled since the crash. The previous era of irresponsible lending trapped countries in a spiral of debt from which it was impossible to escape. It set back the fight against global poverty […]824 actions taken
The Caribbean island of Grenada has published a brave open letter explaining why it has stopped paying its debts. Grenada stopped making payments earlier this year. The island has been badly affected by loss of trade preferences to the EU for its banana and spice exports, hurricanes Ivan and Emily which destroyed the equivalent of […]20 actions taken
Latest from the campaign
Jubilee Debt Campaign, 13 June 2016
A group of 26 organisations in Mozambique have asserted that the $1.86 billion of the country’s debts at the centre of a growing international controversy were contracted illegally and should not be paid. The campaigners make the claim about three state backed debts owed by MAM ($535 million), ProIndicus ($597 million) and Ematum ($726.5 million). […]
Jubilee Debt Campaign, 28 April 2016
Over recent days it has come to light that Credit Suisse and VTB lent around $1.35 billion to Mozambique, but the government and the lenders hid this from any public oversight. The revelations have led the IMF to suspend bailout loans which were helping Mozambique pay its debt to external lenders. Credit Suisse is holding […]
Jubilee Debt Campaign, 11 April 2016
Amount is $13 billion more than countries studied receive in aid each year Impoverished country governments could be up-to $61 billion worse off in 2016 as a result of the crash in global commodity prices and strengthening of the US dollar. This is reducing government revenue and increasing the relative size of debt payments in […]
Tim Jones, 21 March 2016
Proposed terms will cut debt but increase interest rate, leaving Mozambique no better off, despite crash in commodity prices reducing ability to pay Mozambique is trying to restructure the terms of a bond it issued in 2013 to borrow $850 million, at 6.305% interest rate.* At the time the money was borrowed, it was said […]
Jubilee Debt Campaign, 16 March 2016
Information hidden in budget announcements suggest UK government will be giving £3.8 billion of ‘aid’ money as loans in next four years