Nepal has been devastated by the huge earthquakes which hit the country on 25 April and 12 May.
The costs to rebuild will be immense. As Dr. Sarba Khadka of Rural Reconstruction Nepal says “Already a Least Developed Country, Nepal is pushed back at least by a decade in its development efforts by these devastating earthquakes.”
Of Nepal’s $3.5 billion external debt, $1.5 billion is owed to the World Bank and $1.4 billion to the Asian Development Bank, together over 80% of the total debt. According to the IMF, Nepal will spend $210 million on debt payments in 2015, and a similar amount in 2016 and 2017.
I join with the Asian People’s Movement on Debt and Development, Rural Reconstruction Nepal and over 30 organisations from the region and call on you to immediately and unconditionally cancel all of the debt you claim from Nepal.
c/o Jubilee Debt Campaign
The Grayston Centre
28 Charles Square
+44 (0)20 7324 4722