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 […]
ECGD – The UK government’s debt generator
The UK government’s bilateral debt relief policy is largely made up of cancelling debt owed to the ECGD. In fact about 95% of bilateral debt owed to the UK is through the ECGD. Most of the ECGD debt cancellation that occurs is through the HIPC initiative. HIPC only includes countries that qualify as having ‘unsustainable […]
Nigerian Debt Scam: UK not implicated
It’s general knowledge that the UK’s vast increase in development aid (ODA) from 05-07 consists largely of Nigeria’s debt buy-back. Net UK ODA increased by £2.5 billion 04-06, of which Nigeria’s debt cancellation counted for £1.7 billion. (Net ODA in 04 was £4.3 billion, in 06 it was £6.8 billion, as set out in DFID’s […]
money Monday!