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Webinar: Cancel the debt! Demanding debt justice for global recovery after Covid - Global Justice Now globaljustice.org.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from globaljustice.org.uk Daily Mail and Mail on Sunday newspapers.
New campaign aims to stop banks cashing in during Covid-19 crisis from interest on poor country debt New campaign aims to stop banks cashing in during Covid-19 crisis from interest on poor country debt Date: 9 March 2021 Africa is spending three times more on debt repayments to banks and speculators than it would cost to vaccinate the entire continent against Covid-19.(1) African governments are expected to pay $23.4 billion in debt repayments to private lenders alone this year. Many lenders have so far refused to cancel or suspend any of the debts despite calls from world leaders and campaigners. Anti-poverty organisations have launched a new campaign targeting some of the world’s richest banks for continuing to demand large debt repayments during the pandemic. Many have made a fortune over the last year, profiting during the pandemic, while funds are being drained from some of the poorest countries in the world. Campaigners projected the call to cancel ....
The Open Society Initiative for Southern Africa (OSISA) will host a regional conference on 2 and 3 July in Johannesburg, South Africa. The two-day multi-stakeholder conference emanates from concern about southern African countries’ rising debt levels, which threaten developmental aspirations. Despite numerous commitments to achieve and maintain sustainable levels of public debt, southern African countries are not only reneging on these commitments but are also showing reluctance to rapidly adjust and address rising debt levels. For example, the foreign debt of approximately $170–210 billion for sub-Saharan Africa between 1995-2005 (when G7 debt relief lowered it by 10 per cent) has since risen to nearly $407 billion by 2018 according to estimates from the Jubilee Debt Campaign. There is, therefore, an urgent need to address southern Africa’s debt conundrum. ....