This did not happen, but 36 countries did eventually get an average of three-quarters of their debt cancelled, enabling significant improvements to public services such as healthcare and education.
The organisation campaigned successfully for UK legislation to protect 40 lower income countries from profiteering by so-called vulture funds.
The meant that no creditor, including vulture funds, could sue a country in the UK for more than they would have got if they had taken part in the debt cancellation initiative.
The organisation published research indicating that Zambia’s creditors would have to take losses of about two-thirds if the country is to meet the International Monetary Fund’s requirements for a debt restructuring.
In 2021, it published a joint paper with the Centre for Responsible Credit, ‘A Fresh Start After Covid‑19 – An outline strategy to tackle Britain’s household debt crisis’.