The Drop the Debt campaign began in 1999, it was tagged Jubilee 2000, it was a social justice campaign that was aimed at forgiving the debt of 35 of the world’s poorest countries, it led to the cancellation of $100 billion debt, thanks to the effort of Ann Pettifor who was the genius behind the success. The Jubilee 2000 campaign which officially metamorphosed to the Drop the debt campaign still had its effect being experienced even as much as five years later.
There have however been opinions that stray not so far away from the campaign positing that the cancellation of debts today will lead to more loans in the future, but when the positive effect of ameliorating the debts of some countries is considered especially the fact that some countries spend more on paying their debts than they do for the internal mechanisms that will develop the country, this made particularly so by the ever-increasing interest rate being added.
The idea of debt relief for developing nations is rooted in the idea that such benevolent acts will go a great way in reducing the challenge of poverty faced by the citizens of developing nations of the world, especially Africa. The relief will help such countries shift focus and spending towards investments that are needed to encourage economic growth.
While acknowledging the usefulness of debt being that it could help spread the cost of useful investment, the Drop the Debt campaign does not shy away from pointing out a trite fact that debt has become a tool for exploitation of the poor by the rich, they posit that lenders have a fair share of responsibility to ensure that borrowed debts are spent responsibly, when this is adequately followed through, the issue that often leads to the rising debt profile is that of inequality in the wealth and income of nations around the world, which is part of the larger goals of the Drop the debt campaign. The emphasis on Debt justice is clothed in the understanding that it is meant to engage and handle all forms of irresponsible and exploitative lending, corrupt borrowing, and ultimately canceling unjust debts as a means to achieve a world of stability and equality.
A current issue being tackled by the Drop the debt campaign is the fact that many large financial companies have refused to give a debt break to some poor developing countries fighting the covid-19 pandemic, even after some of these countries have humbly put in a request for a repayment break that will enable them to focus on saving more lives from being lost to the pandemic. To put such a situation in perspective, the continent of Africa is going to spend three times the actual amount it would cost to supply and vaccinate the entire continent against the covid 19. This realization should jolt everyone to join the campaign to level the economic playing field of nations by canceling unjust debts especially those targeted at suppressing the human rights of citizens of such a domain