14:19 Bambos Charalambous (Labour)

Countries seeking debt relief are also experiencing extreme weather events due to climate change. Last year, Zambia had its most severe flooding for more than 50 years, with over 25,000 households affected. Right now, it is experiencing its worst drought in 40 years, with 50% of this year’s crops lost and with 2024 on track to be the hottest year on record. Zambia is suffering despite only contributing 0.01% of global greenhouse emissions since the industrial revolution. Although Zambia has sought debt relief from its largest private creditor, that creditor has refused to cancel the amount the International Monetary Fund has said is necessary to make the debt sustainable. That is typical of the behaviour of private creditors towards low-income countries. It is everyone’s responsibility to ensure that countries such as Zambia get the debt justice they deserve, and it is imperative that we take action now.

Before I conclude, I want to thank the organisations that have provided me with invaluable advice and support in preparing this Bill, which have been championing the cause of debt relief for many years. Those organisations are Christian Aid, the Catholic Agency for Overseas Development, and Debt Justice. I also wish to thank the Send My Friend To School coalition and the House of Commons Library for some of the statistics used in my speech. I hope that this Bill will go some way to securing debt relief for low-income countries, allowing the money saved to be reinvested in health and education systems for those who need that investment most and helping to tackle the effects of climate change, such as in the case of Zambia. Morally, it is the right thing to do; it is the just thing to do; and it is the compassionate thing to do. I hope this Bill will receive the support it deserves and needs.

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