For nearly four years, Zambia has been trapped in negotiations to try and bring down huge debts that have destroyed the economy. This week, we heard that most of Zambia’s private lenders have FINALLY agreed to a deal to reduce debt repayments by up to $1.4 billion!
friend, this is a big achievement that campaigners like you have helped win. Over the last two years, an impressive 10,000 of you signed petitions demanding debt cancellation for Zambia, thousands of you emailed your MPs and supported the campaign on social media.
Read about what happened and what this means for people in Zambia in our new blog.
This debt deal is long overdue – Zambia has been trying to reach agreement with its lenders since 2020. While we celebrate the news of a deal this week, it should never have taken this long.
With 54 countries still in debt crisis, it's clear that the international processes to support countries to get out of debt are failing. That’s why we need a new debt justice law – to stop greedy lenders from dragging out negotiations in the name of profit while millions are denied justice.
