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.
Africa’s debt crisis – Write to your MP
Ask your MP to support action to tackle the UK’s role in Africa’s debt crisis.
6 actions taken Act now
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’, […]1654 actions taken
Latest from the campaign
Tim Jones, 6 January 2017
In a first for the country, the Philippines has legislated to hold a debt audit into 20 projects to determine the legitimacy of the loans. The audit is part of the 2017 General Appropriations Act, signed into law by President Duterte on 22 December 2016. Under the audit, the Congressional Oversight Committee on Official Development […]
Joseph Hanlon, 19 December 2016
A Mozambican parliamentary Commission on 7 December submitted a devastating report on the $2 billion in secret loans originally given or arranged by the London branches of Credit Suisse and VTB to three companies in Mozambique: Ematum, Proindicus and MAM. The Commission finds that the government guarantee to repay the loans was not just illegal, […]
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 […]