Civil society calls for immediate cancellation of illegitimate loans ahead of 'Global Finance Summit

Speakers at a human chain on Friday demanded the return of laundered money, an end to unfair taxation, and justice for debt-burdened Bangladesh, ahead of a major UN conference in Spain.

On the eve of the 4th International Conference on Financing for Development (FfD4), civil society groups in Bangladesh called for the immediate and unconditional cancellation of illegitimate foreign loans and a complete reform of the global financial system.

At the event titled “Not Debt Repayment, We Demand Justice: Cancel the Debt, Change the System”, held in front of the National Press Club, speakers raised concerns over increasing public debt, money laundering, unfair taxation, and illicit financial flows from the country.

The event was jointly organised by COAST Foundation, EquityBD, APMDD, TUS, NDF, NRDS, BCJF, CPD, and others, as part of the global “Finance for Action” movement.

Mustafa Kamal Akand of EquityBD moderated the programme.

Rezaul Karim Chowdhury of EquityBD said rich nations like the USA, UK, Germany, Switzerland, and others must return illicit funds to Bangladesh and stop accepting laundered money. He also urged the UN to form a task force to block such illegal flows.

Sharif Jamil of Waterkeepers Bangladesh demanded that climate finance for Bangladesh be provided as grants, not loans.

The FfD4 conference will be held from June 30 to July 3, 2025, in Seville, Spain. It will focus on global debt policy, domestic resource mobilisation, and climate finance.

Meanwhile, Bangladesh is facing worsening conditions as poverty has risen to 18.7 per cent, over half of all girls are married before the age of 18, and 56 per cent of the population lives in climate-vulnerable areas.

Omar Faruque from EquityBD said that in 2024, the amount of Bangladeshi money held in Swiss banks rose by 33 per cent.

Over the past 15 years, more than US$240 billion has been illegally sent abroad—an amount that could cover almost all of Bangladesh's current foreign debt, he said.

He demanded that the stolen money be repatriated and called for the formation of an independent commission to review all foreign loans, especially those tied to large infrastructure projects.