Jubilee Debt Campaign, which works for the cancellation of unpayable and unjust poor country debts, says it wants the Export Credits Guarantee Department (ECGD) reformed, not abolished. Responding to press reports that the ECGD is “under review” as part of the Government’s ‘bonfire of quangos’, Nick Dearden, director of the UK coalition, commented: “We welcome the news that the Export Credits Guarantee Department is being considered for serious reform. For too long, the ECGD has underwritten dodgy deals which have harmed human rights and the environment, and created toxic debts in the developing world. But scrapping or privatising the ECGD would leave unanswered questions about whether the state would continue as an underwriter of last resort for UK exports, and how the Government plans to fulfil its manifesto pledge to champion green exports”, he added.
See http://www.ekklesia.co.uk/node/13183.