Below are some developments from the world of global debt over the past few months. The Scottish Government launched its White Paper ‘Scotland’s Future’ on the 26th November. In this, debt relief is highlighted as a priority for international development, with the statement: “The Scottish Government will give careful consideration to the question of ‘unjust’ […]
Malawi’s debt relief enigma
What was the value of Malawi’s debt cancellation (received in September 2006)? If Malawi had received its debt relief with no hidden reductions and cuts, it would have had $101 million extra per annum free in its budget (the UK, in comparison, gave $180 million in 2006: SID, table 16.2). What it has really had […]
January Campaign Update on Indonesia
Jubilee Scotland is currently trying to convince the UK government to cancel the >£500 million it’s owed by Indonesia. This is a small goal within a much broader international objective, which is to promote the doctrine of ‘odious debt’. ‘Odious debt’ is a concept which enjoys some international credibility, but not nearly enough! Put simply, […]
G8 in Rostock: The State of Debt
The “Another World is Possible” rally in Rostock, 2nd June. At about 2.30pm, several thousand people dressed in black emerged from the ranks of the eighty-thousand peaceful demonstrators and marched at the police. Clashes started shortly afterwards. The police’s initial charges were limited, and did not disperse the group in black – though they did […]
Disappearing debt relief
The debt relief offered to Zambia through the Heavily Indebted Poor Countries (HIPC) initiative would reduce the money available for human development. This is a surprising claim in a paper by John Weeks and Terry McKinley for the United Nations Development Programme (PDF here). When G8 Debt Deal cancellation (MDRI) is added, Zambia does see a […]
World Bank Debt Cancellation – a TOTAL scam?
On the face of it, the G8 debt deal is a scam. The money that qualifying countries save on debt repayments is almost entirely balanced by a corresponding cut in the aid that they receive from the World Bank. The G8’s debt deal seems to work like this: the financial flows out of the country […]