Germany’s debt cancellation: The London debt accords
On 27 February 1953, an agreement was signed in London which resulted in the cancellation of 50 per cent of the debt owed by Germany (represented by West Germany); 15…
Reaction to IMF call for $8.4bn of Zambia debt payments to be cancelled
The IMF has released its Debt Sustainability Assessment for Zambia.[1] The documents say that $8.4 billion of debt payments needs to be cancelled by government and external private creditors between…
Negotiations on debt relief for Zambia finally set to begin
Over the weekend, China, the UK and other government lenders agreed to negotiate a debt restructuring with Zambia. The move was met with headlines such as “China agrees landmark debt…
The Mozambique Debt Scandal: the storm before the storm
Mid-January 2022, Storm Ana raged through southwest Africa, leaving a trail of devastation and loss of life in Malawi, Madagascar and Mozambique. With extreme weather events likely to occur more…
Growing global debt crisis to worsen with interest rate rises
New figures released today by Jubilee Debt Campaign show that developing country debt payments have increased 120% between 2010 and 2021 and are higher than at any point since 2001.…
Credit Suisse fined $475 million and cancels $200 million of hidden debts
US authorities and the UK Financial Conduct Authority have collectively imposed a fine of $475 million on Credit Suisse for its role in the hidden debt scandal in Mozambique. Credit…
Private lenders main recipients of debt payments from crisis countries
Chad, Ethiopia and Zambia considering debt restructuring: 53% of their debt payments are to private lenders Legislation to be introduced in New York to make restructuring private debt easier In…
The G20’s debt deal: Letting private lenders off the hook again
Debtor countries told to “seek” debt restructuring from private lenders, but G20 give them no help to do so G20 don’t say what should happen when private lenders say “no”…
Zambia edges towards debt default, but bondholders could make millions
• Zambia spends four times more on external debt payments than public healthcare • Real public spending per person has fallen by 18% in recent years, as the debt crisis…
Launch of the Open Budget Survey
This blog was written in response to the Open Budget Survey available here Even before the coronavirus crisis hit, many countries were already struggling with high debt payments. Jubilee Debt…
