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Activists to launch Debtweek in Zimbabwe
Zimbabwe Coalition on Debt and Development (ZIMCODD)
September 13, 2010

Zimbabwe Coalition on Debt and Development (ZIMCODD) will be commemorating the inaugural Debtweek in Zimbabwe from 7 to 9 October with the theme, "Responsible Lending and Borrowing to Guarantee Peoples' Social and Economic Rights." Debtweek otherwise known as the annual 'Global Week on Debt and IFIs' is a week of citizens' actions and mobilisations worldwide, around the issue of unsustainable public debt and its negative impacts on the citizens and economics of poor countries globally.

The coalition has lined up a number of activities to take place in Harare, Bulawayo and Mutare which include public lectures, community theatre and live music themed on debt. The highlight will be a public concert to be held in Harare on 9 October. The coalition's objective is to use public participation to highlight the social and economic effects of unsustainable public debt. ZIMCODD will use the commemoration to magnify calls for an official audit of the Zimbabwe debt, appeal for debt cancellation from creditors and highlight the need for reform of existing borrowing and lending policies. The coalition is also linking up with diverse groups in civil society to petition creditors and the government with recommendations on how the problem should be dealt with, from a people's perspective. Like-minded CSOs based in creditor nations have been encouraged to launch their own complimentary campaigns on the Zimbabwe debt.

ZIMCODD says that reports that Zimbabwe cannot move forward if it does not deal urgently and effectively with its external debt are distressing for citizens who are desperate for a new beginning.

Analysts have projected the country's external debt to grow to US$7,6 billion by end of 2010. Domestic debt will increase to US$1 billion in the same period. This brings the total debt to US$8,6 billion, or almost three times the country's current GDP of US$3,5 billion. IMF projections on the other hand see the debt growing to US$9,8 billion by 2015. Meanwhile, the Minister of Finance says US$45 billion is required to get the country back to its peak level of 1996-97. The country cannot generate all these resources internally in the short term and the government is therefore seeking external funding.

Debtweek is an initiative of the different movements and organisations in the International South North Campaign on Illegitimate Debt. It was born at the World Social Forum (WSF) in Nairobi, in 2007, and this year's commemoration from October 7 to 17, 2010 will be its fourth edition. The debt crisis has found renewed interest amongst concerned social movements and organisations worldwide, on the back of the global financial crisis which pushed millions of people further into poverty and marginalisation around the World. These groups are not convinced by the notion that the global economy is on the road to recovery. They are even more concerned that large banking corporations and the IFIs who authored the crisis have a new lease of life with massive increases in their operating capital and political role. They warn that recent developments show that a new global debt crisis is looming and that it is people and the planet in the South, and those most vulnerable in the North, that stand to bear the brunt.

Visit the ZIMCODD fact sheet

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