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  • Writer's pictureDebt for Climate

80 Years of Colonial Debtocracy are enough

Updated: Apr 10

Call to Action - Cancel the Debt!

 IMF & World Bank Spring Meetings April 19th 2024

On April 19th we are uniting around the world to demand debt cancellation for the Global South during the International Monetary Fund’s and World Bank’s Spring Meetings in Washington DC. Come join us in the fight against financial colonialism! 

This year marks the 80th anniversary of the Bretton Woods Institutions, but instead of celebrating their legacy of exploitation, we're mobilizing against their continued role in worsening the climate crisis and perpetuating social injustices through their domination of the Global South by debt.

It's crystal clear: the IMF and the World Bank are not part of the solution; they are part of the problem. They've kept countries in the Global South under their neocolonial rule of debt for decades, trapping them in a cycle of exploitation, environmental degradation and economic crises. Climate justice demands debt cancellation! 

Alongside these multilateral creditors, private entities like BlackRock are also ensnaring Global South countries in a debt trap driven solely by profit motives. Countries like Zambia's scheduled debt payments makeup to 43.5% of their total revenue to repay illegitimate debts that only benefit the profit interests of the Global North, which leave no funds left to respond to the worsening effects of an already deadly climate crisis for which they have no responsibility.

Finland, as a member of the Paris Club and home to BlackRock and Nordea, cannot turn a blind eye to its complicity in profiting from the suffering of others inflicted by the rule of debt. It's time for Finland and other Global North nations to lead the charge for debt cancellation to pay their debts to the Global South.

JOIN US: On April 19th, we're uniting globally to stand against the IMF, the World Bank, BlackRock, and all other Global North predator creditors that are exploiting the lives and livelihoods of the Global South. It's time to cancel their debt to pave the way for a self-determined, just transition!

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