Some of the world’s richest banks have made a fortune over the last year, profiting during the pandemic, while funds are being drained from the poorest countries in the world.
Many large banks and speculators – including Blackrock, JP Morgan, HSBC and UBS – continue to demand debt repayments from some of the poorest countries across Africa, Asia, Latin America and the Caribbean.
Due to high interest rates, some companies could be making up to 250% profit from these loans if paid back in full. Poorer countries are left with less money to spend on tackling Covid, the climate crisis and essentials like education and health.
Countries such as Zambia have asked for a break from these loan repayments so they aren’t forced to choose between saving lives and repaying loans. So far, they have been refused. And right now, the banks have the balance of power as countries who fail to repay risk being sued.
Over the next few months, the Zambian government will be negotiating with BlackRock and other lenders, and trying to get some of the huge amount of unjust debt written off.
Zambian campaigners are calling for debt cancellation – but what BlackRock doesn’t know is that they are not alone. Thousands of us are standing up for the future we want. Our world is one where countries like Zambia won’t ever have to choose between funding public services or paying off harmful debts.
It is Zambia vs BlackRock, David vs Goliath. But when Zambia goes into those negotiations in April, we must stand with them.
Join them and add your voice to the campaign to demand BlackRock CEO, Larry Fink to #CancelTheDebt.