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You are here: Home / Campaigns / Banks: Drop the Debt

Banks: Drop the Debt

Jubilee Scotland and our partner organisations Global Justice Now and Christian Aid are calling on private banks with links to Scotland to offer debt cancellation to all countries that need it.

In 2020 public debt increased in 108 developing countries, as the pandemic shut down their economies and they turned to lenders for finance.

Government debt was pushed to new heights, and the World Bank warned that poor countries’ debt levels meant they were at risk of languishing in a debtors’ prison for many years to come.

Even before Covid-19 the debt burden of poorer countries had been increasing. Since 2010, average debt repayments by global South governments have risen by 85%.

The G20 governments and the World Bank have agreed to some postponement and restructuring of debt repayments, but private banks, many with a significant presence in Scotland have so far refused to join these initiatives.    

Zambia, one of Scotland’s international development partner countries is particularly badly affected by private debt. £756 million of its £1.34 billion total debt repayments this year will go to private creditors. This dwarfs the £10 million given by the Scottish Government to Zambia between 2017 and 2021 for healthcare, education and small-scale farming projects.  

We want the Scottish Government to speak out about this injustice and call on banks with strong roots in Scotland – particularly Blackrock, JP Morgan, HSBC and Aberdeen Standard Investments – to drop Zambia’s debt.

For more information, read our supporter briefing on Zambia’s private debt trap, or our briefing to the Scottish Government, and take action here.

You can also help by donating to Jubilee Scotland or becoming a member!

 

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We’re closing but we’re celebrating the incredible work!

We are very sad to announce that Jubilee Scotland is closing its doors on the 31st of December 2023. It’s been a fantastic run and we are incredibly proud of the work we have done together. We cannot thank you enough for your support, whether you’ve given your time, finances or helped spread the word […]

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Jubilee Scotland is an independent coalition of organisations and local groups across Scotland who campaign for cancellation of the unjust and unpayable debts which are ruining the world’s poorest countries.

JUBILEE SCOTLAND
41 GEORGE IV BRIDGE
EDINBURGH
SCOTLAND
EH1 1EL

T: 0131 225 4321
E: mail@jubileescotland.org.uk

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