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…
African governments owe three times more debt to private lenders than China
African governments owe three times more debt to Western banks, asset managers and oil traders than to China, and are charged double the interest, according to research released today by…
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…
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…
Lenders drive Argentina into a debt default
Argentina is expected to formally default today after the 30-day grace period on a bond payment expires. Commenting on the default, Sarah-Jayne Clifton, Director of Jubilee Debt Campaign said: “Argentina…
