UK must act to stop spiralling debt of world’s poorest countries, says new Christian Aid report

0

Meanwhile, vulture funds (the name given to funds which seek to profit by buying up high risk, high yield debt) in the UK and the US continue to profit from developing countries that are trapped in debt.

Three of the biggest root causes of debt crisis are lack of transparency, exploitative private sector actors, and ineffective, undemocratic global institutions responsible for managing debt.

These roots reach deep into the global financial centres, particularly the City of London, and the IMF and World Bank.

The UK is responsible for regulating much of the lending boom in impoverished countries, with 90% of publicly traded loans to the majority of African governments being given using English law.

Overall, while 20% of African debt is owed to China, 30% is owed to the private sector – mainly owed under UK law but due to lack of transparency we do not know the share of this held by UK-based banks.

The lack of transparency in UK law means there is not enough accountability of lending.

Christian Aid is calling for the UK to step up and meet what it say is its ‘moral responsibility to avert debt crises in developing countries that are often struggling to recover in the wake of humanitarian emergencies’.

 The early 2000s saw a major round of debt relief for countries caught in a trap of debt repayments, in response to the Jubilee 2000 campaigns.

Since the western…

… Read More



Click Read More to read the rest of the story from our content source/partners – Premier Christianity News.

قالب وردپرس

Like us on Facebook


WHAT DO YOU THINK?

- We have all sinned and deserve God's judgment. God, the Father, sent His only Son to satisfy that judgment for those who believe in Him. Jesus, the creator and eternal Son of God, who lived a sinless life, loves us so much that He died for our sins, taking the punishment that we deserve, was buried, and rose from the dead according to the Bible. If you truly believe and trust this in your heart, receiving Jesus alone as your Savior, declaring, "Jesus is Lord," you will be saved from judgment and spend eternity with God in heaven.

What is your response?


If you are not a Christian, and would like to become a Christian. Simply say - "LORD Jesus, thank you for forgiving me of my SINs, today I am deciding to follow you. Accept me into your family, in Jesus name I pray. Amen "

If you still have questions , click here to Contact Us, we are here to help

----
Unless otherwise specified, the news and opinions expressed are solely the source's and author's and do not necessarily reflect the views of The Christian Mail.

Christian News | Videos | The Christian Mail



Click here to Follow us: & TheChristianMail on Ffacebook





Criteo Ads