'Loan shark debts of world's poorest countries must be written off', South Ribble campaigners say

Margaret and David Cronin joined people from across the UK at a parliamentary event to call for a new Debt Justice Law, to create a fairer global system for low-income countries facing insurmountable levels of debt.

The aim - according to Catholic overseas aid charity CAFOD, which organised the reception - is to target irresponsible 'loan-shark' behaviour who are able to avoid accountability, but rake in profits from unfair lending to poorer countries, burdening them with debt, often at extortionate interest rates, that can never be repaid.

The result is some of the world’s poorest countries being forced to spend more on payments to big banks and hedge funds than on health, education or life-saving climate measures. Fifty-four countries – from Sri Lanka to Kenya – are facing debt distress today.

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Margaret and Michael met their MP at the event, South Ribble’s Paul Foster, to raise their concerns about the impact unfair debt has on vulnerable nations.

“We attended the parliamentary reception as we are both committed to social justice and are convinced that the debt campaign is vital if we are to fulfil our obligations to the developing world and help them climb out of poverty,” Margaret explained.

“The debt trap that means that so many countries are spending more on paying back these debts with their crippling interest rates than they are able to spend on health and education.”

The couple volunteer for CAFOD in Our Lady and St Gerard’s parish in Lostock Hall and have hosted meetings to discuss issues such as debt justice and climate change with local parishioners.

The charity says MPs have an important role to play in tackling the debt crisis, because more than 90 per cent of debt contracts are governed by English law It believes parliamentarians could legislate to force lenders to cooperate in debt relief negotiations and stop them from demanding payments from countries in crisis – at no cost to the British taxpayer.

2025 is a so-called “Jubilee year” in the Catholic Church - moments that have been marked by the cancellation of debts since biblical times.

Pope Francis has called for Catholics to be "pilgrims of hope" this Jubilee year, urging them to push for rich governments to write off the debts of countries “that will never be able to repay them”.