Reaction: G7 should tackle private lenders rather than blame China
Reacting to the G7 Finance Ministers statement released today at the end of their summit[1], Tim Jones, Head of Policy at Debt Justice said: “To tackle the debt crisis in…
G7 responsible for over half of lower income country debt payments
New calculations released by anti-poverty campaigners Debt Justice today show that G7 countries are responsible for 51% of external debt payments by lower income countries. On the same basis, China…
Protestors call on BlackRock to cancel Zambia’s debt
Campaigners demonstrated outside BlackRock’s London office on day of annual earnings release BlackRock, the world’s richest asset manager, could make $180 million profit from Zambian debts for itself and its…
BlackRock could make 110% profit out of Zambia’s debt crisis
Jubilee Debt Campaign has estimated that asset manager BlackRock could make $180 million profit for itself and its clients out of its investment in Zambian bonds if the debts are…
Campaigners say two-thirds of Zambia’s debt needs to be cancelled
Figures released today by the Zambian Civil Society Debt Alliance and Jubilee Debt Campaign UK show that external private lenders and other governments need to cancel at least two-thirds of…
IMF loans must not be used to bail out Zambia’s private lenders
The IMF has announced that its staff have reached an agreement with the government of Zambia on a $1.4 billion loan over three years. The only information about the programme…
Lower income countries spend five times more on debt than dealing with climate change
Lower income countries are spending over five times more on external debt payments than projects to protect people from the impacts of climate change. The figures, released today by Jubilee…
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…
G20 asleep at the wheel on debt crisis
The G20 Finance Ministers met today and issued a communiqué that offered no new action on the debt crisis in lower income countries. Reacting to the communique, Tim Jones, Head of…
G20 initiative leads to less than a quarter of debt payments being suspended
Lower income countries which applied for scheme have spent $36.4 billion on external debt payments during the pandemic, and had just $10.9 billion suspended or cancelled Private creditors received the…
