Emergency grants should be available to impoverished countries in response to disasters like Idai, especially those linked to the climate breakdown primarily caused by richer countries in the global North, says Jubilee Debt Campaign.
Impoverished country governments could be up to $61 billion worse off in 2016 as a result of the crash in global commodity prices and strengthening of the US dollar. This is reducing government revenue and increasing the relative size of debt payments in foreign currencies.
A new report by the Jubilee Debt Campaign Debt shows burdens in the most impoverished countries are increasing, 10 years after the G8 summit committed to cancel debt cdeveloping country debts.
Figures calculated by the Jubilee Debt Campaign, based on recent data from the World Bank show that loans to impoverished countries have almost tripled since 2008.
Over 10,000 people have signed a ‘Jubilee for Justice’ petition calling for cancellation of unjust debt, just and progressive taxation and an end to lending which forces countries into debt.