The global debt crisis is the worst it’s been in over three decades. Fundamental reform is needed. Low-income countries like Zambia are being pushed into a deepening debt crisis, forced to pay ever higher interest rates to wealthy lenders. Money that should be spent on food, healthcare, and education is flowing out of countries that can least afford it.
And the UK can do something about it – 90% of all global debt contracts are overseen by English law. And these private companies- and the vulture funds that swoop in to buy up debt and threaten legal cases – can use UK courts to force countries to pay up even more. That has to stop.
Together with organisations like CAFOD, Christian Aid, Debt Justice and Save the Children, we are asking supporters to write to MPs to help get the issue higher up the UK Government’s agenda as it’s making decisions about what to prioritise when it takes on the G20 Presidency later this year. And the UK can independently bring in a law to shut down loopholes for private creditors to help make negotiations fairer. Despite the current political turmoil in the UK, decisions still have to be taken.
Email your MP now and ask them to raise these issues with the Foreign Secretary:
1. Pass a UK Debt Justice Law—without delay
Require wealthy private banks to participate in debt relief, so they can no longer profit from countries struggling with unsustainable debts.
2. Lead urgent global reform
Use the UK’s G20 presidency to bring governments together to fix the broken global debt system and guarantee fast, fair, and effective debt relief for countries in crisis.
*Photo credit - Christian Aid