Do you remember much about what you were doing twenty five years ago? Maybe you can recall how you spent that final New Year’s Eve of the 20th century?
Fun fact, that specific NYE, with only an hour left until midnight, I found myself responsible for introducing an old school friend to the woman who turned out to become the love of his life.
Anyway, while some of us were downing drinks and match-making at a bar in South West London, others were galvanizing global attention about world debt, and its impacts on least developed nations. The Jubilee 2000 movement led that charge at the time, their efforts leading to the cancellation of over $130 billion in debt for 36 countries.
A monumental effort which enabled nations to redirect funds toward critical sectors like health and education, offering millions a pathway out of poverty. But, fast forward to 2025, and the call for debt justice still resonates, only things have got worse.
I’ve been working recently with Caritas International, and have come to know about the launch of their “Turn Debt into Hope” campaign, urging the cancellation of unjust and unsustainable debts that, to quote from their website, “hinder nations from investing in their futures.”
From some quick research it seems that, back in 2000, the total external debt for the world’s Least Developed Countries (LDCs) was approximately $150.4 billion. External debt today, for the 31 poorest, high-risk countries, has now topped $200 billion. We’re seeing the highest burden of debt in 30 years.
This increase means that even more substantial chunks of money from the world’s poorest governments are being diverted away from public sector needs and, instead, allocated to repaying these debts.
When you then consider other ‘crises’ that encroach upon a country’s economy – be it the slow onset ramifications of conflict, or the rapid emergency of an earthquake (much like the one Myanmar experienced a week ago) – it becomes impossible to see how these debts will ever be repaid.
In the aftermath of a crisis, economies dive, job losses occur, inflation prices scupper spending, and a whole myriad of other economic outcomes conspire to spiral a country out of all control.
Waking up this morning to the news of Donald Trump’s sweeping tariffs (which includes a 10% baseline on all imports, and higher rates on key trading partners such as China (34%), the EU (20%) and a whopping 46% here in Vietnam) it is obvious these escalating trade tensions will only lead to market volatility, to fears of a global economic slowdown, and the inevitably unequal impacts of that on so many of the world’s developing countries.
It’s a brutal, cruel economic conundrum, because it is the most vulnerable communities who face the highest threats.
As I’ve been prone to highlight here many times before now, I believe the role of the private sector to be key in these debates. And yet, too often, these conversations happen without the private sector in the room.
That needs to change. Companies are increasingly recognizing that their long-term success is intertwined with the well-being of the communities in which they operate. Engaging with initiatives that promote economic justice, such as “Turn Debt into Hope”, aligns with corporate commitments to Diversity, Equity, and Inclusion (DEI).
By advocating for, and participating in, debt cancellation measures, businesses can play a role in contributing to the creation of more stable and equitable global markets. All of which, ultimately, benefits everyone.
Twenty five years ago, the Millennium Development Goals (MDGs) set out a charter, with a fifteen year timeframe. The MDGs sewed into their narrative this inference about partnership and the role of the private sector, however it’s been a slow process to bring business to the table.
Genuine collaboration takes time, and today we need to keep banging this same drum, hoist up this same flag, and loudly promote why multi-stakeholder collaboration, that includes business, can be instrumental in addressing both immediate financial injustices, while also laying the groundwork for sustainable development.
The principles that the 2000 Jubilee Campaign champion are more pertinent than ever. We’re experiencing an era marked by economic uncertainty, by geopolitical tensions, and by ongoing climate crises. Debt cancellation is a crucial lever for promoting stability and prosperity, and we cannot wait another quarter of a decade for action in this space.
The children of my old school friend, who met his future wife on New Year’s Eve in 2000, are already in their twenties. Theirs is the generation now grappling with the implications of a world that procrastinated over its responsibilities.
Do please consider donating to any of the organisations currently providing humanitarian assistance to communities in Myanmar affected by the earthquake – here is one.
definitelymaybe 