Commonwealth debt reform backed
The Scottish Government, Malawi and Zambia are calling on
Commonwealth countries to work together to tackle the global debt
crisis and give Global South countries a stronger voice in
international financial decision-making.
A joint statement calls for urgent reforms to the international
debt system, including:
- fast and fair debt restructuring that helps countries resolve
debt problems before they become crises
- a new international framework, led by the UN or another
global body, to help countries resolve debt problems more fairly
and efficiently
- new debt legislation ensuring private lenders share the
burden of debt restructuring fairly with other creditors
- improved access to financial help for climate projects
It highlights growing concern that unsustainable debt repayments
are limiting the ability of many countries in the Global South to
invest in essential public services,
climate resilience and economic development.
Announcing the joint statement at a reception celebrating
Scotland's longstanding relationship with Malawi, Zambia and
Rwanda, First Minister said:
During my visit to Malawi and Zambia, I met communities who are
taking control of their lives and livelihoods through Scottish
Government supported, community-led climate resilience
programmes, and I learned first-hand about the impact that both
debt and climate injustice can have on communities.
Across the Commonwealth unsustainable debt repayments are
consuming resources that should be used to build schools,
hospitals, and climate-resilient infrastructure, and climate
change is exacerbating this problem. The Global South should not
be forced to choose between repaying their creditors and helping
their communities to recover from storms and droughts.
The Scottish Government is committed to working with our partners
across the Global South on a fair, long-term solution to the
global debt crisis and supporting debt solutions that allow
countries to invest in people, public services and climate
resilience.
Malawian High Commissioner to the UK His Excellency Dr Thomas
Bisika said:
Where Malawi stands now, debt relief needs to be considered
seriously as the ameliorative effects of debt restructuring have
been very minimal and inconsistent at best. We also need debt
reforms that improve access to emergency liquidity before, during
and after climate disasters.
Zambian High Commissioner to the UK Her Excellency Macenje Mazoka
said:
Zambia welcomes this important joint statement and the spirit of
solidarity it reflects. Our experience has shown that debt
justice is not only about easing immediate pressures, but about
creating a fairer international system that allows countries to
invest in their people, strengthen resilience, and pursue
sustainable development. We look forward to working with
Commonwealth partners to advance reforms that ensure debt
solutions are timely, fair, and climate-responsive.
Chief Executive of Scottish Catholic International Aid Fund
Lorraine Currie said:
Bringing diplomats, campaigners and academics together for the
roundtable on debt justice was a powerful reminder that real
progress begins with listening to those most affected and acting
alongside them. The energy and unity in the room showed what
genuine partnership can unlock. We are grateful to the Scottish
Government for convening this vital conversation and for keeping
debt justice high on Scottish, UK and global agendas.
Background
The statement was agreed earlier this week by Cabinet Secretary
for Climate Action , Zambian High Commissioner
to the UK Her Excellency Macenje Mazoka and Malawian
High Commissioner to the UK His Excellency Dr Thomas
Bisika.
Debt Justice in the
Commonwealth: Glasgow statement - gov.scot
