Zambia is in a debt crisis. Today, their loan repayments amount to more than the country’s contributions to health, education, social protection, water and sanitation combined. With rising interest rates, they are on course to repay over double what they borrowed.
BlackRock – one of the largest investment companies in the world – is the biggest owner of Zambian bonds. In 2020, during a pandemic, BlackRock refused Zambia’s call to suspend debt repayments alongside other global banks, pushing Zambia to breaking point.
Whilst it is not BlackRock alone that plunged Zambia into this crisis, they can play a crucial role in alleviating the problem. So, this April, Zambia will go head-to-head with BlackRock to call for debt cancellation and restructuring.
“The debt burden is increasing poverty in Zambia, preventing us from tackling and recovering from the pandemic and dealing with crises caused by rich countries such as climate change. Private lenders and other governments lent to Zambia at high interest rates and at high risk. Lenders need to accept they lent recklessly and agree a large-scale debt cancellation to allow the people of Zambia to tackle multiple external crises.”
Alex Muyebe, Zambian Civil Society Debt Alliance
Holding unfair and unequal practices in Southern Africa up to public scrutiny has always been part of ACTSA’s mission, and we feel this is especially relevant in a time where global inequality in rising. As a long-time ally, ACTSA supports the Zambian people by campaigning to #CancelTheDebt.
Please stand with us and our partners to put pressure on BlackRock and other investment banks by signing this petition today to end Zambia’s unfair debt burden.
Thank you!