What is a debt audit?
A debt audit is a public, participatory and comprehensive assessment of a country’s debts, conducted by citizens, parliaments or governments. It is a key step towards creating greater economic democracy in a country.
Photo: Freedom From Debt Coalition, Philippines
- The world’s first state-sanctioned debt audit took place in Ecuador in 2008. It found that a large proportion of Ecuador’s external debt had been contracted illegally or illegitimately. Ecuador then renegotiated its debt, with 65-70% effectively written off.
- In 2009 Norway pledged to become the first lender nation to commit to an official audit of the debts it is owed. Work on an audit has now begun
>>>Read more about debt audits in this Jubilee Debt Campaign/Red Pepper briefing.