Some of the world’s richest banks have made a fortune over the last year, profiting during the pandemic while funds are being drained from the poorest countries in the world.
This must stop.
Coronavirus could push over 150 million people into extreme poverty. At the same time, many large banks and speculators continue to demand debt repayments.
Take action now and call on big banks to #CancelTheDebt.
Poorer countries are left with less money to spend on tackling coronavirus, the climate crisis and to provide essentials like education and health. Africa is spending three times more on debt repayments to banks and speculators than what it would cost to vaccinate the entire continent against coronavirus. At the same time, some companies could make up to 250% profit from these loans if paid back in full.
Zambia and Chad have asked for a break from loan repayments, so they aren’t forced to choose between saving lives and repaying loans. So far, they have been refused. And right now, the banks have the balance of power as countries who fail to repay risk being sued.
Campaigners around the world are demanding debts are cancelled. Join them and add your voice to the campaign to demand big banks to #CancelTheDebt.
Christian Aid Campaigns team