The poorest countries pay over $100 million every day to the rich world.
CWS is part of the international Jubilee movement demanding the cancellation of the unpayable debt owed by many of the world’s poorest countries. Instead of being used for basic development needs, much needed income is spent on massive debts that will never be repaid under current rules. Rather than helping these countries step out of poverty the conditions applied by the World Bank and the International Monetary Fund are pushing these counties further into poverty.
The Heavily Indebted Poor Country Initiative (HIPC) agreed to by the World Bank after major pressure from international campaigners is failing to deal with the issue. Only 8 out of 53 countries have received debt cancellation. Even so it has made a significant impact. Some of the money freed under HIPC has been used to give primary age children free education and in ten countries health spending has increased by 70%. It has not been spent on the military. More cancellation is urgently needed.