NGOs urge Swiss banks to ease developing country debt
A group of 11 NGOs has called on Swiss banks and government ministries to consider offering relief on billions in debt owed by developing nations. The consortium says that the coronavirus pandemic has increased economic pressure on the poorest countries.
This content was published on
1 minute
When not covering fintech, cryptocurrencies, blockchain, banks and trade, swissinfo.ch's business correspondent can be found playing cricket on various grounds in Switzerland - including the frozen lake of St Moritz.
The NGOs in question are Alliance Sud, Swissaid, Fastenopfer, Bread for All, Helvetas, Terre des Hommes Schweiz, Solidar Suisse, Public Eye, KEESA, Solifonds and MultiWatch.
They are also urging Swiss banks to make public the size of loans, the terms of credit and the method of repayment to developing countries. The consortium says that 86 of the world’s poorest nations owe CHF5.7 billion ($5.9 billion) to Swiss banks.
The conditions of these loans should be renegotiated to consider the economic impact of the coronavirus pandemic, they argue. They add that this would be in the spirit of the United Nations 2030 Agenda for Sustainable Development that seeks to reduce poverty.
The NGOs therefore want the Swiss government to convene a round table to negotiate how creditor banks can offer debt relief for developing countries. This, they say, should include the involvement of the State Secretariat for Economic Affairs (SECO) and the Swiss Agency for Development and Cooperation (SDC), as well as members of civil society.
Swiss broadcaster appoints Eurovision Song Contest officials
This content was published on
The SBC Executive Board has appointed Reto Peritz and Moritz Stadler from SRF and RTS as the managers charged with overseeing the ESC 2025 task force.
F1 Sauber cleared of unauthorized advertising, rules Swiss commission
This content was published on
The Sauber F1 racing team is not engaging in unauthorized advertising for online gambling: this is the conclusion reached by the Swiss Federal Gaming Board.
‘Alpha Uno’: Swiss fighter jets take off and land on motorway
This content was published on
The Swiss Air Force is conducting a military exercise on the motorway in canton Vaud between the Payerne and Avenches municipalities on Wednesday.
Federal offices and Xplain adopt data protection recommendations
This content was published on
Swiss authorities and its private contract processors are required to review their cooperation after an investigation into leaked data.
This content was published on
Heavy rainfall has caused severe flooding in northern Armenia and cost lives. Switzerland dispatched a team of seven engineers to the region.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Swiss earmark CHF879 million for development banks
This content was published on
Switzerland is to contribute CHF879 million to promote sustainable development and deal with the impact of Covid-19 on the world’s poorest countries.
Credit Suisse faces complaint over Mozambique loan
This content was published on
A non-governmental organisation in Switzerland has lodged a criminal complaint against the Credit Suisse bank over $1 billion in loans to Mozambique.
Swiss debate on corporate liability comes to a head
This content was published on
Some of the world’s biggest companies, from Nestlé to Glencore, face the prospect of tougher ethical regulations in Switzerland.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.