4 minute read
Finance and debt
Zambia’s debt
Negotiations over how Zambia’s debt is restructured and (hopefully) reduced to a sustainable level are ongoing and are expected to be concluded towards the end of June. We opened the year with a new action (available on our website) calling on the chancellor of the exchequer and foreign secretary to do what they can to ensure that big banks cancel at least some of the outstanding debt they hold.
New research by Jubilee Debt Campaign shows that 54 countries are currently in debt crisis, and this situation could worsen further if US interest rates rise. It’s therefore imperative that we achieve some degree of debt cancellation for Zambia; both to free up funds for the Zambian government to support its citizens, and to set a precedent when further countries can’t make their repayments in future.
Protests planned
We are planning initial demonstrations outside BlackRock (Zambia’s biggest creditor) in London and Edinburgh (most likely in April) and are keen for supporters to write to their MPs and organise local meetings on debt when they can. If you are interested in getting involved in any of this please let Daniel know: daniel.willis@globaljustice.org.uk
New petition leaflet
Our Zambia debt petition has had over 6000 online signatures already and we will be continuing to grow this in the coming months. There are new leaflets (for use on stalls) with links to the petition included in this edition of Think Global, and more are available on request.
We’re continuing to experiment with QR codes on leaflets in place of signable postcards, which have a number of advantages: • They’re quicker and cheaper to produce. • When people take an action this way, it saves us having to collect postcards and then deliver them. • There’s a good chance new people will sign up to our mailing list.
However, there may be some downsides, including: • There’s less reason for people to sign the action straight away, which means they may never get around to it. • Despite the big increase in the use of QR codes during the pandemic, this may still not be people’s preferred way of taking action.
If you have any feedback on the experience of using these leaflets at stalls, please let the activism team know.
© Jubilee Debt Campaign © Jubilee Debt Campaign © Jubilee Debt Campaign © Jubilee Debt Campaign
CANCEL ZAMBIA’S DEBT Zambia is the first African country during the pandemic to announce that it can’t make the debt payments that big banks are refusing to delay or renegotiate. These banks, including BlackRock, HSBC, Standard Chartered, and JP Morgan, will receive almost 60% of Zambia’s debt between 2021 and 2024. If paid in full, they could be making up to 250% profit. In negotiations happening now, the UK government has a chance to push banks to cancel the debt. Join us in calling on the chancellor of the exchequer and foreign secretary to support debt justice for Zambia. CANCEL ZAMBIA’S DEBT Zambia is the first African country during the pandemic to announce that it can’t make the debt payments that big banks are refusing to delay or renegotiate. These banks, including BlackRock, HSBC, Standard Chartered, and JP Morgan, will receive almost 60% of Zambia’s debt between 2021 and 2024. If paid in full, they could be making up to 250% profit. In negotiations happening now, the UK government has a chance to push banks to cancel the debt. Join us in calling on the chancellor of the exchequer and foreign secretary to support debt justice for Zambia. CANCEL ZAMBIA’S DEBT Zambia is the first African country during the pandemic to announce that it can’t make the debt payments that big banks are refusing to delay or renegotiate. These banks, including BlackRock, HSBC, Standard Chartered, and JP Morgan, will receive almost 60% of Zambia’s debt between 2021 and 2024. If paid in full, they could be making up to 250% profit. In negotiations happening now, the UK government has a chance to push banks to cancel the debt. Join us in calling on the chancellor of the exchequer and foreign secretary to support debt justice for Zambia. CANCEL ZAMBIA’S DEBT Zambia is the first African country during the pandemic to announce that it can’t make the debt payments that big banks are refusing to delay or renegotiate. These banks, including BlackRock, HSBC, Standard Chartered, and JP Morgan, will receive almost 60% of Zambia’s debt between 2021 and 2024. If paid in full, they could be making up to 250% profit. In negotiations happening now, the UK government has a chance to push banks to cancel the debt. Join us in calling on the chancellor of the exchequer and foreign secretary to support debt justice for Zambia.
Key resources
Cancel Zambia’s debt A5 petition leaflet (February 2022).
End the debt trap: Cancel Zambia’s debt Four-page briefing (July 2021).
Financing justice? UK climate finance and how to increase ambition at COP26. Eight-page briefing (September 2021).
