A debt jubilee to tackle the Covid-19 health and economic crisis

International call

9 April 2020 by Collective

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The International CADTM network agrees to sign despite the fact that we are opposed to asking the IMF to “introduce clear guidelines for deciding when a debt becomes unsustainable, and to abide by its self-imposed rule that it will only lend to states whose debt is deemed unsustainable in the event of default or debt restructuring”.

The CADTM recommends that the IMF and the World Bank should never be trusted and that agreements should never be made with these institutions, which have proven throughout their existence the harmful nature of their actions.

Nevertheless, the CADTM signs the appeal because it is clearly stated that “Borrowing States have the power to stop repaying their debt, and should not incur penalties if they do so. All lenders should therefore agree to the immediate cancellation of payments on debts due in 2020, without accumulation of interest and charges and without penalties.”




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CADTM

COMMITTEE FOR THE ABOLITION OF ILLEGITIMATE DEBT

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