Low-income countries are being pushed into a deepening debt crisis, forced to pay ever higher interest rates to wealthy lenders. Money that should be spent on healthcare, education and coping with the climate crisis is flowing out of countries that can least afford it.
Governments across the global south have an impossible choice between serving their people or paying their creditors. Every day that this continues, millions of innocent people are pushed further into poverty.
Next year, the UK will chair the G20. This is a critical and historic moment and a test of leadership. The UK must act now to help end the crisis.
Please write to your MP asking them to call on the Prime Minister to do the following :
1. Pass a UK Debt Justice Law - without delay
Pass legislation to require private lenders to participate in debt relief on the same terms as other lenders, so they can no longer make huge profits from countries struggling with unsustainable debts. In light of devastating cuts to the aid budget, this is a concrete and substantial step that can be taken to support the world's poorest countries at zero cost to the UK taxpayer.
2. Lead urgent reform on global debt system
Use the UK’s G20 presidency to bring governments together to fix the broken global debt system and unlock fast, fair, and effective debt relief for countries in crisis. The G20 Common Framework needs to be reformed to provide effective debt relief and/or there needs to be a new UN framework to address the prevention and resolution of unsustainable and illegitimate debts.
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