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Debt crisis

Frequently asked questions on domestic debt restructuring

14 September 2023 - by Ahilan Kadirgamar, Madhulika Gunawardena, Shafiya Rafaithu, Sinthuja Sritharan

Sri Lanka is one of over 70 countries in debt distress in the Global South, and should not meekly follow the IMF and serve the interests of global finance capital. Rather, Sri Lanka should work with other countries to demand adequate laws and (...)
“Domestic Debt Restructuring in Sri Lanka: Forcing the poor to pay the debt of the rich”

30 August 2023 - by Collective

To Members of the Executive Board of the International Monetary Fund, “Domestic Debt Restructuring in Sri Lanka: Forcing the poor to pay the debt of the rich” The IMF programme in Sri Lanka is devastating the common people of Sri Lanka, (...)
Sri Lankan debt crisis to get worse if IMF prescription is heeded

8 August 2023 - by C P Chandrasekhar

On July 1, Sri Lanka’s parliament approved, through a majority 122-62 vote, a plan to restructure the government’s domestic debt, which totalled 15.4 trillion Sri Lankan rupees at the end of March 2023. That is not all of Sri Lanka’s public debt, (...)
Pakistan : The IMF deal and its critics

24 July 2023 - by Sushovan Dhar

Pakistan is on the precipice of a financial crisis. The population struggles to cope with ever-dwindling purchasing power, foreign reserves dwindle, inflation soars, and the country faces widespread unrest. Tensions are high as forthcoming (...)
The IMF’s conditional loan and its cost

18 July 2023 - by Farooq Tariq

On July 12, 2023, the International Monetary Fund’s Executive Board approved a larger-than-expected conditional loan worth $3 billion for Pakistan. The loan, known as a Stand-By Arrangement (SBA), was hailed as a great victory for Pakistan by the (...)
Resisting the shock doctrine

15 July 2023 - by Eric Toussaint, Sushovan Dhar, Yuliya Yurchenko

Ashley Smith chairs an event with Yuliya Yurchenko, Eric Toussaint, and Sushovan Dhar on the global movement against neoliberalism, debt, and the struggle in Ukraine. In this discussion, Yuliya Yurchenko, Eric Toussaint, and Sushovan Dhar (...)
Shipwreck in Greece: Why were half those onboard Pakistanis?

26 June 2023 - by Farooq Sulehria

At least 298 passengers who drowned in the infamous shipwreck off the Greek coast on June 14 were from Pakistan. Twenty-five came from the same village in Pakistan-administered Jammu and Kashmir. According to some reports, more than 400 people (...)
Debt Crisis, Corporate Culpability and the Apparel Sector: Labour Reforms in Perspective

24 June 2023 - by Kanchana N Ruwanpura

“From my, and perhaps your, perspective, it is important because many of us think in terms of workers structural and associational power – at the point of production to broader society. But, capital wields so many forms of power – and this is one (...)
Developing debt disaster

20 June 2023 - by Michael Roberts

Next week 300 international organisations and 100 heads of state meet in Paris to discuss how “to build a more responsive, fairer and more inclusive international financial system to fight inequalities, finance the climate transition, and bring (...)
Left Strategy in the Time of the IMF Counter-Revolution

30 May 2023 - by Devaka Gunawardena

Less than a year has passed since the 9th July uprising last year in Sri Lanka. Nevertheless, the contours of the present regime are well established. A loose network of progressive activists and trade unions have rightly kept the basic (...)
Greece: another chapter

22 May 2023 - by Michael Roberts

The Greek election results validate Michael Roberts’ analysis and projections. Unfortunately, the right has triumphed because Syriza is not a real alternative [ed.]. Greece has a general election today. The conservative New Democracy party (...)
Debt : Eric Toussaint at Université Paris Cité on January 31, 2023

20 May 2023 - by Eric Toussaint

Eric Toussaint, spokesperson for CADTM International, spoke on the debt crisis and the global capitalist system at the Economic Policies for Global Transition (EPOG) seminars. The seminar was held at the Université Paris Cité on January 31, (...)
Pakistan’s debt from China becomes burden as CPEC does not generate enough growth

16 May 2023 - by Abdul Khaliq

Since 2013, Pakistan’s historical relationship with China has taken on a geopolitical role through the launch of the China-led infrastructure connectivity project, the China-Pakistan Economic Corridor (CPEC), a key part of the Belt and Road (...)
Resisting the Shock Doctrine: Ukraine, Debt, and Reconstruction

12 May 2023 - by Eric Toussaint, Sushovan Dhar, Ashley Smith, Yuliya Yurchenko

A discussion of Ukrainians’ struggle to cancel their country’s debt as part of the global movement against neoliberalism. In the midst of Russia’s imperialist war, Ukraine’s left, unions, and popular movements have struggled to cancel their (...)
Pakistan Collapsing

9 April 2023 - by Farooq Tariq

Pakistan is facing one of the worst economic and political crises at present. The political crisis is best manifested by the fact that almost half the members of the National Assembly (the lower house of the parliament) have resigned, while two (...)
Éric Toussaint, “The IMF and the WB bear a great responsibility in weakening countries that have to face external shocks”

5 April 2023 - by Dora Villanueva

After three years of Covid-19 pandemic, the world is facing “a genuine international debt crisis (…) nearly 80 countries of the South are close to defaulting” or are actually defaulting, Éric Toussaint, spokesperson for the Committee for the (...)
Full version & Execcutive summary

Africa : the debt trap and how to get out of it

27 March 2023 - by CADTM

Study carried out by the CADTM, the Left Group in the European Parliament - The Left Executive summary and full version in pdf below. Africa was not long spared by the Covid-19 pandemic that submerged the world. The new virus first appeared (...)
“If You’re Not at the Table, You’re Probably on the Menu”

10 March 2023 - by Caroline Cornier

Africa, like the rest of the world, is in crisis. Yet Africa is particularly ill-equipped to deal with it, as it grapples with external public debt reaching new records at a time when the central banks of the countries of the North are (...)
Deal-or-default: Is it the endgame for Pakistan?

5 February 2023 - by Abdul Khaliq

The IMF mission is currently in Pakistan on a 10-day visit to discuss the stalled ninth review of the country’s current funding programme. The loan talks were restarted after the government finally yielded to IMF demands.Pakistan secured a $6 (...)
Ghana’s default, letter on Sri Lanka calling for debt cancellation and Pakistan doubly victimized

11 January 2023 - by Iolanda Fresnillo

Ghana suspended payments on most of their external debts on december 19th, a week after reaching an agreement with theIMF for a US$3bn loan. Ghana has, according to Reuters, reached out to the Paris Club for an “expedited” Common Framework debt (...)
India : debt, banking crisis,...

10 January 2023 - by Eric Toussaint, Sushovan Dhar

Sushovan Dhar is interviewed by Eric Toussaint about the debt situation and the banking crisis in India, and other topics. Eric Toussaint : In your presentation at the 9th CADTM South Asia Conference in Colombo you explained that India’s real (...)
Statement by academics on dealing with Sri Lankan debt

9 January 2023 - by Collective

Sri Lanka, along with many other low- and middle-income countries, has experienced a series of financial shocks due to both external and internal factors. Global forces have caused food and energy import costs to soar and interest rates to rise, (...)
Colombo Declaration

4 December 2022 - by CADTM

We, the participants of the 9th CADTM South Asia meeting from Bangladesh, India, Nepal, Pakistan, Sri Lanka, as well as from Morocco, Belgium, Spain and France, assembled in Colombo, Sri Lanka, from December 2–4, 2022, reaffirm our fight against (...)
CADTM South Asia workshop

25 November 2022 - by CADTM

Committee for Abolition if Illegitimate Debt (CADTM) South Asia Law & Society Trust (LST, Sri Lanka) and the Movement for National Land and Agricultural Reform (MONLAR, Sri Lanka) COLOMBO, FRIDAY 02 – SATURDAY 03 DECEMBER 2022 The (...)
Carrying the debt

13 November 2022 - by Sarala Emmanuel

Feminist Collective for Economic Justice Co-Founder, researcher, and activist Sarala Emmanuel says that the brunt of the economic crisis has been borne by women and the brunt of the recovery proposals will also be borne by women. Following is (...)