The potential if the debt service of 21 commonwealth countires was capped at 10% of government revenue was summarised in a report by Debt Justice and the Scottish Catholic International Aid Fund (SCIAF). The GRADE tool was used to analyse the potential if debt service in 21 commonwealth countries was capped at 10% of government revenue.
The report Debt Crisis in the Commonwealth was launched at the Scottish Government Round Table event in Glasgow on 21st July 2026.
Also, see the Scottish Government’s GLASGOW STATEMENT which called for
- new debt legislation which ensures private lenders engage in debt restructuring on the basis of comparable treatment with other creditors
- timely and equitable debt restructuring and, where appropriate, debt relief in accordance with internationally agreed debt sustainability frameworks
- enhanced participation of bilateral, multilateral and private creditors in coordinated debt resolution processes
- expanded access to affordable concessional and climate finance to reduce future debt vulnerabilities
- strengthened debt transparency, sound public financial management and domestic resource mobilisation to support long-term debt sustainability
- a new debt framework within the United Nations or other agreed multilateral processes that command broad international consensus