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New campaign aims to stop banks cashing in during Covid-19 crisis from interest on poor country debt
New campaign aims to stop banks cashing in during Covid-19 crisis from interest on poor country debt
Date: 9 March 2021
Africa is spending three times more on debt repayments to banks and speculators than it would cost to vaccinate the entire continent against Covid-19.(1)
African governments are expected to pay $23.4 billion in debt repayments to private lenders alone this year.
Many lenders have so far refused to cancel or suspend any of the debts despite calls from world leaders and campaigners.
Anti-poverty organisations have launched a new campaign targeting some of the world’s richest banks for continuing to demand large debt repayments during the pandemic. Many have made a fortune over the last year, profiting during the pandemic, while funds are being drained from some of the poorest countries in the world. Campaigners projected the call to cancel ....

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