Poor countries cut public spending, debt payments treble
Figures calculated by Jubilee Debt Campaign from IMF and World Bank data show that growing debt burdens are contributing to public spending cuts For the 15 countries spending over 18%…
The increasing global South debt crisis and cuts in public spending
In this 11-page briefing we analyse how the debt payments of 63 countries in the global South have increased and are projected to increase. We also look at how public…
Reaction to Russian bank suing Mozambique in London
Campaigners say people of Mozambique should not have to pay one cent in debt arising from secret loans Reacting to reports that Russian State bank VTB has filed a case…
Speculators make 13% despite Ebola crisis in DR Congo
No money paid out from pandemic insurance scheme because Ebola has not crossed into a second country Scheme is the latest to use public money to fund private sector profits…
Former Credit Suisse banker pleads guilty over Mozambique loans
Former Credit Suisse banker Andrew Pearse has pleaded guilty to taking millions of dollars in kickbacks on three loans he helped arrange to three state–owned companies in Mozambique. The loans…
Tanzania refuses release of IMF debt risk analysis
Failure to publish means lenders still being guided by old ‘low risk’ rating Lesotho moves from low risk to moderate, while Timor-Leste moves from moderate to low risk The government…
IMF agrees loan to Congo after China pushes debt payments into the future
$449 million of loans agreed but no reduction in debt principal owed Debt negotiations with private commodity traders are still ongoing The IMF has agreed $449 million of loans to…
One Mozambique loan declared illegal, but speculators set to make 240% profit
Introduction A fortnight ago in a major victory for our allies The Mozambique Budget Monitoring Forum (FMO), a network of 21 civil society organisations, the Mozambique Constitutional Council ruled one…
Crisis deepens as global South debt payments increase by 85%
External debt payments by developing country governments grew by 85%, as a proportion of government revenue, between 2010 and 2018 For the countries with the highest payments, in two-thirds public…
Mozambique needs urgent action on debt crisis following Cyclone Idai
Cyclone Idai has caused huge destruction and loss of life in Mozambique, Malawi and Zimbabwe. The true extent of the disaster is not yet known. Below are reactions from partner…
