You are here:

Debt

David Gwemani monitors the effects of IMF-designed Structural Adjustment Programmes in Zambia [Gideon Mendel]

Debt cancellation needs to go further – 100% should mean 100% for all governments and institutions, more poor countries should get debts cancelled, and debt relief should not be tied to economic conditions

Poor countries were offered loans by rich countries' banks and governments during the 1970s.

When interest rates soared in the 1980s, debts grew, and countries had to pay with money that should have been used for healthcare and education.

Lenders also attached damaging conditions to debt relief, such as forcing cuts in public spending and demanding that key services be privatised.

Financing debt relief

The Heavily Indebted Poor Countries initiative (HIPC) launched in 1996, and was expanded following the 1999 G8 Summit with pledges of $100 billion.

A further $50 billion was pledged at the Gleneagles G8 summit in 2005, and many creditors (including all G7 countries) agreed to cancel most debt owed by the HIPC countries, and other low-income countries as well.

G7 finance ministers have now agreed to the principle of total debt cancellation of multilateral debts - those owed to the World Bank, IMF and African Development Bank - by an initial set of poor countries, but not yet all.

Professor Mona Siddiqui gives the 2008 Pope Paul VI Lecture [Wilde Fry]

Honesty is the foundation for a good society

Leading Muslim lecturer Professor Mona Siddiqui explores how to foster inter-faith understanding, and how both the Qur’an and Christian scripture speak of a common humanity

Campaigners demonstrate in advance of Gordon Brown’s speech at the Lord Mayor’s banquet

Tell Gordon to call time on global greed

As G20 leaders discuss the global financial system, Gordon Brown must "call time" on global greed at the heart of the crisis
Add your voice now

Almost 300 members of religious orders with placards and banners called on Parliament to "Stop Climate Chaos", and met with their own MPs to urge changes in the Climate Change Bill [CAFOD]

Celebrating climate bill success

Months of campaigning on the UK Climate Change Bill have paid off as Parliament passes it with all three key changes put forward by CAFOD included

Campaigners from Sheffield outside St Chad's Cathedral, Birmingham

Ten years on - debt campaigners return to Birmingham

Campaigners from across the UK returned to Birmingham on 18 May to mark ten years since a ‘human chain’ of 70,000 people encircled the city calling for debt cancellation. What difference had that day made to them?

Advent Appeal 2008

Send YOUR Advent message of support to kids at a special school run by a CAFOD partner - you really will make a difference to many children's lives this Christmas

Shine a light in the darkness

Please sign our petition calling on the world's largest mining company to listen to communities in the Philippines worried about the effect mining will have on their land - plus send a personal message of solidarity to the people of Macambol

World Gifts 2008: Gifts that make a world of difference

Buy a World Gift

Browse our new range of alternative gifts that act as two presents in one – something for you to give to friends or a relative, while the real gift changes the life of someone living in poverty

Published on 23/02/2006, last updated on 29/02/2008

What is RSS?

Tell a friend Print this page Back to top

sign-up for e-news