Debt crises in Southern Africa are a colonial legacy. ACTSA was glad to help facilitate this letter to the UK Government from Lord Hain and eight southern African representatives to the UK.
Today the global debt crisis – in countries like Zambia and Malawi – is at its worst for 30 years. The UK is almost uniquely well-placed to make a difference, as 90% of debt owed to private creditors by the world’s poorest countries is governed by English law and transacted through the City of London.
The letter expressed support for legislation already presented in Parliament by a Labour MP that would – at no cost to the taxpayer – facilitate debt relief and prevent countries from being stuck in decades-long cycles of debt…
