Due in no small part to the huge public outcry. They decided to extend the debt ‘suspension’ agreed in April that was due to run out at the end of this year for another six months so that poorer countries can have a chance to deal with the coronavirus pandemic.
This is good, but it’s not nearly enough.
This is just a suspension, it’s not a cancellation. Without properly addressing the problem we’ll see a huge build-up of debt in the coming years. The current deal also doesn’t include private lenders like banks and hedge funds, which still leaves poorer countries paying $3 billion a month.
It's crucial that the next time world leaders meet they move further on agreeing debt cancellation.
This issue was put on the agenda by campaigners around the world using your voice. You are amongst nearly 860,000 globally coming together to say #CancelTheDebt.
Let's keep pushing!
As ever, stay safe and take care.
All the best,
Tim, Eva and all at JDC