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Jubilee Debt Campaign highlight countries spending over 20% of government revenue on external debt payments as being in a particular debt crisis where government spending tends to be falling. Hours after Pope Francis on Easter Sunday morning said the debt burden on the most impoverished countries should be forgiven (aka debt jubilee), the Financial Times is now reporting that the G20 group is nearing a critical “action plan” to freeze debt servicing payments for poor countries to stave off an emerging-market meltdown.

Campaign groups, such as the Jubilee Debt Campaign, are calling for debt to be cancelled, rather than simply delayed. The Jubilee Debt Campaign has several different programs operating all over the world, including “Drop the Debt” and “Make Poverty History.” The campaign is supported by faith based organizations spanning nearly every religion, humanitarian aid groups, private companies and organizations, as well as many celebrities, including Bono of the rock group U2. Last week, the British-based Jubilee Debt Campaign called for a worldwide debt jubilee to avoid some of the world’s poorest countries from collapsing into chaos amid the COVID-19 crisis. The maintenance of sustainable debt levels is a critical factor for achieving poverty reduction in developing countries. Jubilee Debt Campaign says the Fund broke its own rules by not ensuring sustainable debt burden Larry Elliott Mon 7 Oct 2019 01.01 EDT Last modified on Mon 7 Oct 2019 02.07 EDT We campaign for a financial system where debt is not a tool of control for the rich, and people do not have to pay the price for reckless lending. The resulting savings were subsequently available for work to reduce poverty and fund health and education programmes. Jubilee 2000. Jubilee Debt Campaign is part of a global movement working to break the chains of debt and build a finance system that works for everyone. Along with trade and workers’ rights, these issues became a key component of the CAFOD Fair Deal for the Poor campaign launched in 1997. It has also been known as Jubilee Debt Coalition and focuses on developing countries' debt. As planned the Jubilee 2000 Coalition dissolved at the end of the millennium year but left a legacy of organisations around the world. The campaign has been generally hailed as very successful. Along with trade and workers’ rights, these issues became a key component of the CAFOD Fair Deal for the Poor campaign launched in 1997. The British-based Jubilee Debt Campaign is leading the movement ahead of the G20 meeting this week.

The Jubilee campaign lodged the concept of odious debt in the public consciousness. Jubilee Debt Campaign Last week marked week marks 15 years since the G8 Summit in Gleneagles, Scotland, when leaders of the world’s richest countries agreed debt cancellation for many of the world’s poorest heavily indebted countries. Last week I was at a leaving do for Stephen Rand who left the Jubilee Debt Campaign after 10 years as co-chair. Break the chains! Founded in 1996, they are a UK-based charity focused on the connections between poverty and debt.

We are part of a global movement demanding freedom from the slavery of unjust debts and a new financial system which puts people first. This movement coincided with the Great Jubilee, the celebration of the year 2000 in the Catholic Church.

Response to Jubilee Debt Campaign ‘Don’t Set a New Debt Trap’ As you may be aware, the World Bank has identified eleven countries which have been rapidly accumulating debt since receiving debt relief. The UK has for many

Sarah-Jayne Clifton, director of the Jubilee Debt Campaign, said: “The suspension on debt payments called for by the IMF and World Bank saves money now, but kicks the can down the road and avoids actually dealing with the problem of spiraling debts.” Last week, the British-based Jubilee Debt Campaign called for a worldwide debt jubilee to avoid some of the world’s poorest countries from collapsing into chaos amid the COVID-19 crisis. Jubilee Debt Campaign is part of a global movement working to break the chains of debt and build a finance system that works for everyone. Jubilee Debt Campaign Registered charity number 1055675. At that time, CAFOD was a founder member of the Jubilee 2000 Coalition, campaigning on debt cancellation for the poorest countries.

From the 1970s, private banks and rich country governments lent big to Argentina’s military dictatorship.

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