Debt news summary from Jubilee Debt Campaign
Global South
Rich countries reject Kenya’s push for Sh32.8bn debt relief
The Treasury told the International Monetary Fund (IMF) that Kenya applied for suspending payment of Sh42.8 billion loans between July and December but only received relief of Sh10 billion.
Zambia expects to agree debt restructuring with creditors by mid-2022 - minister
Zambia expects to agree a debt restructuring plan with creditors around the middle of next year after reaching a preliminary understanding for a programme with the International Monetary Fund, Finance Minister Situmbeko Musokotwane said on Thursday.
IMF says Argentina bailout programme was ‘too fragile’ to succeed
https://www.ft.com/content/0b668888-4b0e-4357-a5be-49d7f6f21d35
The IMF has admitted its biggest-ever bailout, a $57bn loan to Argentina in 2018, was part of an economic programme which was “too fragile” to deal with the country’s deep-seated problems and could have benefited from capital controls and a restructuring of private creditor debt.
When Debts Become Unpayable, They Should Be Forgiven: AN INTERVIEW WITH MICHAEL HUDSON
For centuries, debt and indebtedness have had profoundly destabilizing effects on human societies. In the ancient world, rulers and their subjects had a solution: known as a debt jubilee, it involved a periodic, unconditional wiping out of debt. We need such a jubilee today.
UK
Amazon launches buy now, pay later in Britain after partnering with Barclays: Will more big banks soon want a piece of the action?
Britons now have the option of using buy now, pay later when shopping on Amazon's website, following a partnership between the retail giant and Barclays Bank.
Jerome Phelps
Head of Advocacy
Jubilee Debt Campaign
mob: +44 (0)7906 813716
twitter: @jeromegphelps
