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Zambia on brink of defaulting on foreign debt

Coronavirus has aggravated pre-existing financial pressures, including a $12bn external debt load.

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Keir Starmer demands ban on raising energy prices

Exclusive: Labour calls for the price cap to remain at £1,971 as charities warn Tory leadership candidates of catastrophic impact on the cost of living

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Rio Tinto s Madagascar mining project - Business & Human Rights Resource Centre

Rio Tinto s Madagascar mining project - Business & Human Rights Resource Centre
business-humanrights.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from business-humanrights.org Daily Mail and Mail on Sunday newspapers.

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VTB Capital: The Russian bank that took Mozambique for

we wrote about the role of Credit Suisse in the mega-looting in Mozambique. This week we turn our attention to the complicity of part Russian state-owned bank, VTB Capital. In 2016, 14 donors and the International Monetary Fund (IMF) stopped all lending to Mozambique, plunging the country into an economic crisis. Mozambique’s currency plummeted in value by 70% and its annual GDP growth rate fell from 6.7% to 3.8%. All this stemmed from the country’s “secret tuna-bond” loans. These loans worth $2.2-billion (about R30-billion) were hidden from the IMF, Mozambique’s other lenders and donors, lawmakers and from the Mozambican public. With the help of corrupt, complicit and woefully inept bankers from Credit Suisse and VTB Capital, corrupt Mozambican politicians were able to orchestrate a mega-heist.

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UK aid cuts of up to 70% a gut punch to world s poorest, experts say

“These cuts will have very real impacts on the lives and livelihoods of real girls and women: for our programmes in particular, they mean less access to social capital critical to girls’ survival, less access to education and livelihood opportunities, and less access to alternative life skills provision. It’s simply giving up on these girls and women and stating that their lives matter less, as they’re the first to be expended.” Oxfam’s head of policy Sam Nadel urged the government to reconsider. “Cutting aid in the middle of a pandemic when hundreds of millions are at risk of falling into poverty is a dereliction of Britain’s duty to the world’s poorest people and will cost lives,” he said.

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