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UNSUSTAINABLE and ILLEGITIMATE DEBT

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The Philippines has been in a vulnerable position since the beginning of the Covid-19 pandemic. This vulnerability can be explained by social, economic, health and financial factors. As a result of these pre-existing conditions, the crisis has been acutely felt by the population of the country.

The Philippines, Covid-19 and debt: Left alone to deal with the pandemic

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The IMF, the G7 and G20 have announced relief measures, such as the short-term suspension of payments for a limited group of countries. But the exceptional situation calls for far more ambitious decisions.

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All principal, interest and charges on sovereign external debt due in 2020 should be cancelled permanently, they should not accrue into the future.

Coronavirus: #CancelTheDebt