This week marks 80 years since the founding of two huge development banks that now dominate the global response to the debt crisis – the World Bank and International Monetary Fund (IMF). 

These two giants were set up by the Western powers after World War II. They were supposed to support countries in crisis and provide loans for development projects. But their increasing power, coupled with the damaging conditions they attach to their loans, has made them the target of sweeping protests around the globe. 

Along with our allies, we think 80 years is way too long for such damaging institutions to have so much control over lower-income country economies. That’s why we’re standing with campaigners and activists around the world in calling out their harmful policies that are wrecking economies and the climate. 

friend, will you watch and share our video of debt campaigner Sharda in Suriname, explaining the impact of IMF and World Bank lending on her country? 

While this week is an important moment to call these huge banks to account, it’s also a time to remember how campaigners like you have been fighting back against these institutions for decades – and winning change. 

Back in 2000, during the last major global debt crisis, millions of people around the world demanded action on debt. In 2005, after years of tireless campaigning, debt campaigners won an enormous victory that wiped out $130 billion of debt for 37 countries - including debts owed to the IMF and World Bank.  

Later, in 2010, Debt Justice won a ‘vulture funds’ law which made private lenders with debts governed by UK law take part in debt cancellation. With that scheme now at an end, we need a new debt justice law to make private lenders take part in all internationally agreed debt relief today. 

These important victories are a reminder of why it's so important that we work together, as part of a movement. And why we must keep working together for debt justice. 

In solidarity, 

Zak, Wiz, Jerome and everyone at Debt Justice 

Images from left to right: Debt for Climate 2024, APMDD 2023 Autumn meetings, Jubilee Debt Campaign Genoa 2001, APMDD Philippines 2023, Debt Justice 2023 World Bank Offices London, Jubilee Debt Campaign 2010, APMDD India 2023, Debt Justice 2023 World Bank Offices London, APMDD 2006, Jubilee Debt Campaign 2008 Washington.