A COALITION of 20 charities is lobbying the Government to introduce a debt-cancellation scheme for lower-income countries in the Roman Catholic Church’s Jubilee Year.
In a letter published this week, Christian Aid, Debt Justice (formerly Jubilee Debt Campaign), and other charities argue that high debt-servicing costs are preventing global-South governments from investing in “vital public services” such as education and health, and efforts to limit climate change.
The letter reports that 32 African countries spend more on paying external debts than they do on health care. It also reports that debt payments for lower-income countries are at their highest for 30 years. Private lenders such as banks, hedge funds, and oil traders…
