[CAF Note: Since a great deal global debt was fraudulently induced, the idea of a sovereign government carrying out an audit of the legitimacy of outstanding debt is a good one. This is a fearless act by Norway. Let’s hope it catches on as we need a plan other than “kick the can!”]
Today the Norwegian Minister of Development Heikki Holmås announced that Norway will make an assessment of the legitimacy of developing countries’ debt to Norway. This means that the Norwegian government will be the first to ever carry out a creditor’s debt audit.
Gina Ekholt, Director of SLUG, the Norwegian Coalition for Debt Cancellation, said: “This is a historical day! Not only for debt campaigners who have been fighting for this for years, but also for the people across the world that are suffering from unpayable and illegitimate debt burdens. This is an important tool to promote responsible lending and to take responsibility for past loans. We hope that other creditors will be inspired by Norway’s debt audit.”
Since being elected in 2009, the Norwegian government has promised to carry out a debt audit, as well as working to establish binding guidelines for responsible lending. Today, Holmås promised that the audit will now be launched, to be followed up with new and stronger guidelines for responsible lending.