Debt Cancellation for Nepal - Jubilee Scotland

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Even in the wake of two devastating earthquakes Nepal is expected to continue making payments towards its $3.5 billion in external debts. Of this $3.5 billion in external debt, $1.5 billion is owed to the World Bank and $1.4 billion to the Asian Development Bank, together amounting to over 80% of the total debt.

According to the IMF, Nepal will spend $210 million on debt payments in 2015, and a similar amount in 2016 and 2017.

Jubilee Scotland has joined with the Asian People’s Movement on Debt and Development, Rural Reconstruction Nepal and over 30 organisations from the region in calling for the immediate and unconditional cancellation of Nepal’s debt.

Act Now: Call on the UK Director at the Asian Development Bank to cancel 100% of the debt claimed from Nepal.

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Nepal has been devastated by the huge earthquakes which hit the country on 25 April and 12 May. The costs to rebuild will be immense. As Dr. Sarba Khadka of Rural Reconstruction Nepal says “Already a Least Developed Country, Nepal is pushed back at least by a decade in its development efforts by these devastating earthquakes.” Of Nepal’s $3.5 billion external debt, $1.5 billion is owed to the World Bank and $1.4 billion to the Asian Development Bank, together over 80% of the total debt. According to the IMF, Nepal will spend $210 million on debt payments in 2015, and a similar amount in 2016 and 2017. I join with the Asian People’s Movement on Debt and Development, Rural Reconstruction Nepal and over 30 organisations from the region and call on you to immediately and unconditionally cancel all of the debt you claim from Nepal.
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