“Financial institutions such as the World Bank and the International Monetary Fund still determine and influence major decisions in our countries and the direction of our public policies, through how they allocate resources and loans,” warned Martha Flores, General Coordinator of the Jubilee South Americas [1] network.
“We are seeing our states get back in to debt because of this pandemic, with huge consequences now and in the future,” added the activist in an interview with Real World Radio.
From 10 to 24 October 2020, Jubilee South Americas holds Global Week of Action for Debt Cancellation [2], with a full program of activities [3] and the support of over 550 social organisations, movements and networks from all continents [4].
This debt is “fraudulent, immoral and illegitimate,” said Flores. “State debt continues to be one of the main sources of suffering for peoples in the Global South… The way it is designed and structured means it can never be fully paid off, and we, the peoples, are really the ones paying.”
One of the main aspects of the Global Week of Action is an open letter to governments, international financial institutions and lenders [5], signed by the over 550 social organisations supporting the days of action. Flores commented that, in addition to demanding the cancellation of debts, they demand “reparations for peoples, with guarantees of non-repetition and justice.”