Zambia v Blackrock

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Hi John,

One of the world’s richest banks, Blackrock, is refusing to cancel Zambia’s debt. Join us in writing to their CEO, Larry Fink, to demand justice for the Zambian people.

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This April, Zambia will go head-to-head with the largest investment company in the world, Blackrock. For the financial giant, it’s just business as usual. But for the Zambian people, the stakes are much higher.

Zambia is in the middle of a huge debt crisis. Debt payments were already higher than health, education and social spending combined. But then, during the pandemic, Blackrock refused the request to suspend debt repayments, along with other big global banks.

Now it is the Zambian people who are paying the ultimate price.

Sky high interest rates mean that Zambians are due to pay back double what was initially borrowed. Is it any wonder that the country has reached breaking point?

We need to send a message that Blackrock can’t continue to get away with this pandemic profiteering. Help us tell Larry Fink that Blackrock must cancel the debt.

Take Action

Zambia v Blackrock

Over the next few months, the Zambian government will be negotiating with Blackrock and other lenders, and trying to get some of the huge amount of unjust debt written off.

Zambian campaigners are already calling for debt cancellation. But what Blackrock doesn’t know is - they are not alone.

Thousands of us are standing up for the future we want. Our world should be one where countries like Zambia won’t ever have to choose between funding public services or paying off harmful debts.

It is Zambia vs Blackrock, David vs Goliath. But when Zambia goes into those negotiations in April, we must stand with them. Tell Larry Fink today: Zambia deserves justice.

Take Action

In solidarity,
Daniel Willis
FInance campaigner, Global Justice Now

Read more:

[1] Under the radar: Private sector debt and coronavirus in developing countries, October 2020

[2] Zambia will spend 75 times Scottish aid financing on debt repayments

[3] There can be no eco justice without debt cancellation. Huck Magazine, November 2021

The Covid-19 pandemic has pushed over a hundred million people across the world into extreme poverty.

Lower-income countries who are taking the hardest hit from the devastating pandemic are still saddled with huge debt payments to unaccountable private creditors in the global north.

Together we can challenge this, and fight for a more just and sustainable alternative. Regular gifts give us the long-term stability to plan effective campaigns, as well as the flexibility to react to key events.

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