Don't Turn the Clock Back

Please tell the Secretary of State for International Development not to turn the clock back on aid and debt.

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Dear Secretary of State, I am very concerned by the boom in lending to impoverished countries, which has doubled since the financial crisis. Global campaigning against the injustice of developing country debt has led to $130 billion of debt being cancelled. Millions more people now have healthcare and education as a result. But many countries, from Jamaica to the Philippines, had their unjust debts ignored, and now debt levels in countries where debts were cancelled are rising once again. We did not work so hard for debt cancellation to see new irresponsible lending repeat the mistakes of the past. I am concerned that a significant portion of the lending boom is coming from the UK via the World Bank, and is counted as aid. I am further concerned that you are considering a return to direct UK loans, which would also count as aid. I call on you to: 1) Reject calls to restart UK loans, and direct UK aid money away from lenders like the World Bank to institutions that give grants instead. 2) Require all lenders funded by the UK, including UK Export Finance, the World Bank and IMF, to sign up to responsible lending guidelines, including public scrutiny of loan terms before contracts are signed. 3) Call for a fair, transparent and independent process for resolving debt crises, to show banks they won’t be bailed out for reckless loans. Please don’t let a new debt crisis develop on your watch.

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Don't Turn the Clock Back

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