Many large banks and speculators – including Blackrock, JP Morgan, HSBC and UBS – continue to demand debt repayments from some of the poorest countries across Africa, Asia, South America and the Caribbean.
This isn’t right.
Right now, Africa is spending three times more on debt repayments to banks and speculators than it would cost to vaccinate the entire continent against Covid-19.
This includes debt payments to companies like Blackrock, who control assets over twice the size of the economy of all African countries.
Countries such as Zambia and Chad have asked for a break from these 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.
Together, we can take a stand.
With thousands of us writing to the heads of these banks, they will be forced to listen.
People around the world are demanding debts are cancelled. Join them and add your voice to the campaign to demand big banks #CancelTheDebt.