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Jeromephelps (talk | contribs) m Jeromephelps moved page Jubilee Debt Coalition to Debt Justice: Update organisation name, which changed in 2022 |
Alvarosinde (talk | contribs) m Link to Debt Service Suspension Initiative |
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The organisation [https://debtjustice.org.uk/campaigns/stop-vulture-funds campaigned successfully for UK legislation] to protect 40 lower income countries from profiteering by so-called vulture funds. In April 2010 an Act of Parliament, [https://www.legislation.gov.uk/ukpga/2010/22/contents the Debt Relief (Developing Countries) Act], was passed, restricting the ability of vulture funds to sue the poorest countries in UK courts. The meant that no creditor, including vulture funds, could sue a country in the UK for more than they would have got if they had taken part in the debt cancellation initiative. Many debt contracts are governed by UK law, so the Act had a significant impact in forcing more lenders to participate in debt cancellation and set an important principle that legal action could be taken to make private lenders take part in debt relief.
In 2020, the organisation campaigned for a debt jubilee to tackle the Covid-19 health and economic crisis. Over 200 networks and organisations [https://debtjustice.org.uk/a-debt-jubilee-to-tackle-the-covid-19-health-and-economic-crisis-2 signed a statement] calling for cancellation of debt payments in response to the pandemic. The campaign contributed to the cancellation of $1 billion of debt by the IMF, and suspension of $13 billion of debt payments by governments under the [[Debt Service Suspension Initiative]].<ref>{{cite web |title=Debt Service Suspension Initiative |url=https://www.worldbank.org/en/topic/debt/brief/covid-19-debt-service-suspension-initiative
In 2021-22 the organisation [https://debtjustice.org.uk/campaigns/no-new-debt-trap campaigned for debt cancellation by banks] and speculators which continued to demand debt repayments from some of the poorest countries across Africa, Asia, Latin America and the Caribbean. The campaign focused on [https://www.theguardian.com/world/2022/apr/11/blackrock-urged-to-delay-debt-repayments-from-crisis-torn-zambia Zambia’s renegotiation] of its debts to [[BlackRock]] and other lenders. The organisation [https://www.bloomberg.com/news/articles/2022-02-04/zambia-s-creditors-should-cancel-two-thirds-of-debt-groups-say published research] indicating that Zambia’s creditors would have to take losses of about two-thirds if the country is to meet the International Monetary Fund’s requirements for a debt restructuring.<ref>{{Cite web |last=Zambian CSO Debt Alliance and Jubilee Debt Campaign |date=February 2022 |title=The scale of debt restructuring needed for Zambia to make the debt sustainable under IMF rules |url=https://debtjustice.org.uk/wp-content/uploads/2022/02/Zambia-debt-restructuring-needs-calculation_02.22.pdf |access-date=4 January 2024}}</ref>
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