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Under the radar

Private sector debt and coronavirus in developing countries The G20 must step in and compel private creditors to cancel the debts of developing countries to avoid the loss of many more lives. In the global south, coronavirus is leaving a trail of devastation - from widespread loss of life from the virus itself, to huge economic disruption that has left hundreds of millions of people, who were already struggling to make ends meet, without jobs or sufficient food. Despite this huge economic shock, many developing countries are continuing to pay off debts to rich countries, public institutions like the World Bank and IMF, and some of the richest banks and hedge funds in the world. This means they have less money to meet the immediate needs of the population. This briefing aims to shine a light on the debt owed to private creditors by five African countries - Ghana, Kenya, Nigeria, Senegal and Zambia - and it outlines the steps which the G20 needs to take immediately to avert further economic chaos. It highlights the central role of enormous financial corporations like BlackRock, HSBC, Goldman Sachs, Legal & General, JP Morgan and UBS, which have become increasingly important in the world of sovereign debt. Private creditors’ share of the foreign debts of low- and lower-middle income governments increased from 25% in 2010 to 47% in 2018.1 Multi-trillion dollar asset manager BlackRock alone holds close to US$1 billion of ‘Eurobonds’ in Ghana, Kenya, Nigeria, Senegal and Zambia through a number of funds.

Drop the Ebola Debt placard

Print the four A4 sections to create an A2 placard.

September meditation

Farming, cooking, carrying firewood: life was a constant struggle for Aster. Now she’s come together with women in her village, in Ethiopia, to open a shop powered by the sun. It's a thriving business and a resource for the community - it has sown the seeds of a better future. Stand together with our sisters and brothers in Ethiopia this Harvest, and give thanks for our global family, as we meditate on these words of the Harvest prayer.

Easter Sunday meditation

A meditation on hope, transformation and the new beginning that Jesus’s resurrection brings. Including footage of sisters and brothers who have been displaced from their homes in Kenya, due to a changing climate, who we have journeyed with during Lent.

Ash Wednesday meditation

A meditation on dust, ash and carbon for Ash Wednesday and Valentine’s day. Reminding ourselves that while all return to the dust of the earth we still believe in life before death.