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Jubilee
World News

Christian charity urging world to stop debt

by Hannah Tooley

The Jubilee Debt Campaign has been speaking on the tenth anniversary of G8 talks, when more than 36 countries had their debt wiped.

During the international talks in 2005, debt to the value of £83bn was wiped.

Research by the Jubilee Debt Campaign, based on IMF and World Bank figures, has shown that debt payments for low income countries are set to increase from four per cent of government revenue today to up to 13 per cent by the early 2020s.

Many countries could see debt payments increase by even more, with Ethiopia, Ghana, Rwanda, Senegal, Tanzania, Uganda and Zambia all among the countries which could be spending over 20 per cent of government revenue on foreign debt payments by the early 2020s.

Africa generates more money than it receives, with £87bn entering the continent each year and £124bn leaving it, giving it a net loss of £58bn each year.

Tim Jones, from Christian charity Jubilee Debt Campaign, told Premier: "In sub-Sahara Africa, more money leaves Africa every year than goes into it - and that is money taken out through tax-dodging into Western banks and through profits taken out by multi-national companies through debt repayments.

"Africa is actually a net source of money to the rest of the world, rather than a recipient.

"So we work with campaigners across African countries and elsewhere around the world, calling for these major structural changes, in order to get rid of the need for any aid."

He added that much of the problem is aid not being properly explained: "Much of the money that we think of is aid is actually given as loans.

"So that inevitably means countries, the only funding they can get, creates debts, rather than being grants."

Listen to Premier's Hannah Tooley speak to Tim Jones here:

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