The Asian Peoples’ Movement on Debt and Development (APMDD) organized a conference at the Lahore Press Club focusing on the growing debt crisis in the Global South and its links to economic inequality, austerity and climate change.
Speakers argued that international financial institutions have trapped developing countries in cycles of debt through decades of neoliberal economic policies, structural adjustment programs and austerity measures. They described debt not simply as a financial issue, but as a mechanism that can influence national economic policies, reduce public spending and transfer wealth from the Global South to wealthier countries.
The conference highlighted the impact of debt-driven policies on public services and living standards, with speakers linking austerity to deepening poverty and inequality.
APMDD also connected the debt crisis with climate injustice. Speakers argued that countries that have contributed relatively little to global climate change are increasingly being forced to borrow to respond to climate-related disasters and economic losses. They described this as a “double burden” of debt and climate vulnerability.
The movement called for unconditional debt cancellation and an end to austerity measures, advocating instead for development policies centered on economic, environmental and social justice.
Speakers also called for climate reparations from wealthy countries with historically high emissions. They demanded that climate finance for vulnerable countries be provided through grants rather than loans, arguing that additional borrowing would further deepen existing debt burdens.
The conference concluded with calls for Global South governments to challenge unjust debt repayments, strengthen economic sovereignty and collectively push for changes to the international financial system.