Christian Aid calls on UK Government to ensure greater transparency for overseas loans
The UK NGO Christian Aid has called on the UK Government to adopt a new law on overseas loan transparency ahead of the G20 finance minister meeting in France on June 8 and 9, 2019. The new legislation would require all lenders from the UK to disclose loans to foreign governments.
Christian Aid's recent report, The New Global Debt Crisis, highlights concerns of a new mounting debt crisis in the developing world and notes that the majority of loans in Africa are made under English law because it currently enables a high degree of secrecy. Christian Aid is keen for the UK to change the law to drive greater openness.
The UK Labour Party, the main opposition party in the UK, has committed to driving though the legislation if it is gains power.