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The debt problem is not over, despite all the promises and schemes offered by lending governments and international financial institutions.
The debt continues to exacerbate poverty and rob the peoples of Africa, Latin America and the Caribbean, Asia and the Pacific of their human rights
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to health, education, housing, water and all the other essential goods and basic services which should be available to all
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to livelihoods, living wages and job security
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to healthy environment and sustainable use of ecological resources
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to independence and political autonomy
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to self-determination in economic development and all other aspects of national life
It is a scandal that the rich world continues to demand hundreds of millions of dollars every day from the South, in payment of 'debts' that have emerged from unjust economic relations that impoverish the South and enrich the North. These debts include those
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contracted without democratic processes,
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accompanied by unjust terms and obligations
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perpetuated through fraud and deception
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lost to corruption and failed projects
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that supported repressive governments
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that financed policies harmful to people and the environment
Debt continues to be used as an instrument of control by lending governments and international institutions. Conditionalities attached to loans and debt relief enforces neoliberal policies and projects,
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facilitating the entry and unaccountable operations of transnational corporations
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securing trade deals favorable to transnational corporations and rich countries at the expense of the economies, livelihoods and resources of the peoples of the South
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promoting invasive foreign and military policy and strategies
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allowing the plunder and resource extraction from recipient countries and hastening environmental destruction and climate change
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undermining democratic decision-making
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