The AIDS Healthcare Foundation (AHF) has urged the United Kingdom (UK) to lead concrete action against the global sovereign debt crisis.
The foundation made the call ahead of the Commonwealth Heads of Government Meeting (CHOGM) in Antigua and Barbuda in November.
It also urged the UK to use its influence ahead of assuming the G20 presidency in 2027.
AHF’s Senior Advocacy and Marketing Manager, Mr Steve Aborisade, made the call in a statement issued on Tuesday in Lokoja.
CHOGM will be held under the theme, ‘Accelerating Partnerships and Investment for a Prosperous Commonwealth.’
Aborisade, however, said the theme contrasted sharply with the economic realities confronting several Commonwealth countries.
He said one in three Commonwealth countries was currently experiencing debt distress, while most global debt contracts were governed by UK law.
He cited global data showing that 3.4 billion people live in countries spending more on debt servicing than health and education combined.
Aborisade added that those countries face borrowing costs two to 10 times higher than wealthier nations.
Across the Commonwealth, Aborisade said 21 countries spend at least 14 per cent of government revenue servicing debt.
According to him, the situation leaves governments with limited resources for investment in essential social services.
Aborisade quoted AHF President, Michael Weinstein, as saying: “The global debt crisis is upheld by a financial architecture that is inequitable, extractive, and rooted in colonial legacy.”
Weinstein said the UK had “a very unique opportunity” to demonstrate leadership by championing systemic reforms for genuine Commonwealth prosperity.
“It must protect the interests of borrowing nations in the Global South against private creditors who weaponize its legal system,” he added.
Weinstein urged the UK to enact legislation curbing predatory lending practices and preventing creditors from undermining debt-relief efforts.
He also condemned the UK Foreign, Commonwealth and Development Office’s reported decision to cut aid funding by up to 90 per cent.
He said countries, including Malawi and Mozambique, would be affected by the cuts despite severe fiscal pressures.
He said the reductions could further undermine investment in social protection across the affected countries.
Similarly, Dr Penninah Iutung, AHF Executive Vice President, described the debt crisis as a security and development issue requiring urgent attention.
“We cannot say we are a Commonwealth of Nations when many member states are trapped in a debt cycle.
“The debt crisis is no longer a financial issue, but a security and development issue,” she said.
Jutung urged Global South countries to unite and sustain pressure for debt reform, drawing inspiration from independence and anti-colonial movements.
The News Agency of Nigeria (NAN) reports that AHF and its partners launched the ‘Freedom from Debt’ campaign in June.
The campaign calls for three immediate measures to address debt challenges facing developing countries.
These include accelerating the Borrowers’ Forum to unify the Global South’s voice in international debt negotiations.
It also seeks mandatory interest-free debt pauses in lending agreements during public health or climate crises.
The campaign further proposes a one per cent global AI Solidarity Levy on leading AI firms’ investments and revenues.
The foundation said proceeds from the levy should support debt relief and public goods across the Global South.
According to the body, now more than ever, bold action is needed to fix the system, saying that the UK must lead the charge.
