Ekvilib

Debt is both a symptom of a skewed global financial system and a cause of imbalances and poverty. Debt has long been used within and between countries as a way to maintain power over individuals and governments. European network for Debt and development (EURODAD), katerega član je tudi Ekvilib Inštitut, considers debt to be a political and ethical issue, not merely one of financing, and we are keen to push for cancellation of debts while exposing the responsibilities of creditors and supporting lasting changes to the international financial arhitecture.

Many countries have been caught in a debt-poverty trap over the last three decades. While civil society campaigning has made an impact and ensured that some debts have been cancelled, the overall problem has barely been addressed by existing initiatives and mechanisms. Rich country governments and creditor institutions such as the Paris Club, World Bank and IMF still wield disproportionate power. A country facing debt difficulties today would run into the same problems it did three decades ago, namely that there is no internationally recognized procedure to work-out sovereign debt difficulties in a fair, predictable and transparent manner.

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NGOs demand cancellation of Haiti's debt

Ekvilib Institute and campaigners from across Europe joined with Haitian campaign groups in condemning the failure of Western leaders to cancel Haiti’s debts, and the International Monetary Fund’s extension of new loans to Haiti. As G7 leaders meet in the far North of Canada, campaigners released a statement demanding the immediate and unconditional cancellation of Haiti’s entire debt.

The European Network on Debt and Development released a briefing outlining Haiti’s debts which shows that Haiti owes as much now as was cancelled by the international community only 9 months ago: $1.2 billion.  It also shows that in coming years 9 years the IMF will expect Haiti to repay at least $104 million – and over $500 million to all creditors combined.

Camille Chalmers of the Haitian Advocacy Platform for Development (PAPDA) said:

"The debts imposed by the IFIs and the major world powers have   contributed to destroying our country. It's the equivalent of an earthquake which has lasted from late in 1983 when we signed the first  standby agreement with the IMF. These loans have caused earthquakes, aftershocks and tremors which have undermined our institutions and our capacity to respond to a crisis of   this magnitude."

Civil Society Statement

EURODAD report: Haiti's debt burden - the real story

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