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Article

15 Feb 2007

Author:
Oxfam & Jubilee Debt Campaign

Vulture fund must not take cash from Zambia, say campaigners

In what is likely to be a welcome surprise to Zambia, the [UK] Royal Courts of Justice today ordered that the country should pay a much-reduced sum (to be decided next month) to a US company, Donegal International, as repayment on debts incurred more than a decade ago... Debt campaigners, Oxfam and Jubilee Debt Campaign, said that Donegal - a 'vulture fund' registered in the British Virgin Islands - should not accept even the reduced amount because Zambia, one of the poorest countries in the world, has qualified for debt relief and desperately needs the money it could bring... The amount claimed by Donegal was far more than Zambia is due to receive this year in debt relief... It is equivalent to more than six months of Zambia's health budget. [also refers to Debt Advisory International]