Foreign Policy 19h 53m left
Should the UK lead a drive to give the Commonwealth’s poorest countries longer to repay their debts?
The UK has no binding scheme extending repayment terms for the Commonwealth's poorest countries. Most such debt is owed to other creditors, and UK bilateral debt relief is already limited. In 2026 the UK set up the London Coalition on sovereign debt and promised to prioritise longer repayment terms and cheaper refinancing in its 2027 G20 presidency. On 1 November 2026 the Prime Minister announced a Commonwealth debt-restructuring drive led by Gordon Brown, while ruling out reparations for slavery.
7 Opinions
I feel for them and furious too at the same time. Any contract/binding agreement we have with them, which they've seemed to have broke. Simply means they're irresponsible and not trustworthy. If they need an extension, they can have it. We'll just need some collateral or we can waiver it by assisting us with a refugee processing centre, to cut the present backlog we have.
Now I understand why half this lot are spouting off about reparations.
Debts ? Debts to whom ? Commonwealth debts worldwide, they are on their own, for sure ! It would be like the UK subsidising Japan to supply vehicles ! Similarly, UK banks shouldn’t be bailed out of Commonwealth ‘profligacy’. The only debt that could be ‘eased’ should be that with the UK guvmint with strict controls.
Twenty-five years ago more than $100 billion of debt was eventually written off for poorer countries. Many of those countries have since built up even bigger debts. Giving them longer to pay off debts would be just as likely to see the debts increase over time, not see them paid off.
If the UK doesn't step up to lead on debt restructuring, these developing nations will just turn to other global superpowers for financial bailouts. Leading this drive is a massive boost for British soft power and keeps the Commonwealth united under our influence.
The UK is broke, we can’t afford to give these nations longer.
The Commonwealth is an irrelevant relic inherited from the British Empire. It gives some former colonies an opportunity to grift off us. And the benefit is all one way ... to them! The sooner it is disbanded and disappears, the better.