Many countries in the Global South are heavily burdened by their debt situation: Enormous interest and redemption payments, unfavourable refinancing conditions and structural inequalities in the international financial system exacerbate social inequality and economic instability.

The international campaign "Turn Debt into Hope" is therefore calling for the establishment of a UN debt framework convention, among other things. Such a convention is also being called for by groups of states from the Global South, such as the African Union.

Benjamin Rosenthal, development finance expert at Misereor: "If countries have to spend a large part of their income on servicing their debt, there is hardly any money left for investment in education, health or social services. If the state is unable to invest, this exacerbates poverty and precarious living conditions on the ground - a vicious circle. That's why unsustainable debt must be cancelled."

Malina Stutz, policy officer at the debt relief alliance erlassjahr.de: "Under the current conditions, debt cancellations are far too small. In addition, they are often linked to tough economic policy conditions that further undermine the welfare state in the affected countries. Debt cancellations must therefore be decided under the umbrella of the United Nations - and not in exclusive creditor clubs as has been the case up to now."

Christian Gröber, expert on the reform of the international financial architecture at Germanwatch: "The climate and debt crises are exacerbating each other, as many highly indebted countries are particularly hard hit by the climate crisis, but have hardly any fiscal room for manoeuvre for adaptation and resilience. As long as climate risks are not systematically taken into account and no room is created for future investments when rescheduling debt, climate and development goals will remain unattainable."

Ute Straub, Development Finance and International Finance Policy Officer at Bread for the World: "Together with 72,000 people, we are calling for the countries of the Global South to be permanently freed from their crushing debt burden. This requires fundamental reforms to the international financial system. We expect the German government to actively promote these reforms under the umbrella of the United Nations."

The international campaign "Turn Debt into Hope" was launched in 2025 to mark the Holy Year of the Catholic Church. In Germany, the campaign is supported by 71 civil society organisations and institutions.