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August 9, 2022
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West must force private lenders to ease Africa’s crippling debt, say campaigners

Banks and traders have been ‘let off the hook’ by G7 despite being more to blame for the looming crisis than China

Western governments should “compel” private lenders to ease loan repayments from low-income countries to tackle a debt crisis, according to campaigners.

Debt Justice, formerly the Jubilee Debt Campaign, said African governments owe three times more debt to western banks, asset managers and oil traders than they do to China, and are charged double the interest. China has been “mistakenly” blamed by western leaders for the failure to make progress on debt restructuring.

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