Debt of developing countries

The debt of developing countries refers to the external debt incurred by governments of developing countries, generally in quantities beyond the governments' ability to repay. "Unpayable debt" is external debt with interest that exceeds what the country's politicians think they can collect from taxpayers, based on the nation's gross domestic product, thus preventing it from ever being repaid. The causes of debt are a result of many factors.

Some of the current levels of debt were amassed following the 1973 oil crisis. Increases in oil prices forced many poorer nations' governments to borrow heavily to purchase politically essential supplies. At the same time, OPEC funds deposited in western banks provided a ready source of funds for loans. While a proportion of borrowed funds went towards infrastructure and economic development financed by central governments, a proportion was lost to corruption and about one-fifth was spent on arms.

Debt abolition

Latest News for: World debt

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Moody’s, Fitch highlight Indonesia’s low revenue as risk for debt rating

The Jakarta Post 04 Dec 2021
World Bank data show that Indonesia’s debt interest to revenue ratio stood at 14 percent in 2019, almost triple the world average at 5.7 percent in that same year ......
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IMF Chief Sees Downgrades to Growth Forecasts Amid Omicron

Yahoo Daily News 04 Dec 2021
Georgieva reiterated concerns she raised Thursday about low-income countries’ ability to repay debt, noting that about 60% of the world’s poorest nations are at high risk or are already in debt distress ... The Group of 20 in May last year started a debt-service suspension initiative to provide relief for the world’s poorest nations amid the pandemic....
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Debt Collectors Can Now Text, Email and DM You On Social Media

Slashdot 04 Dec 2021
... for unpaid debts ... "We are finally leaving 1977 behind and developing a debt collection system that works for consumers and industry in the modern world," Kraninger said in a blog post ... The new rules also set a limit for the first time on how often debt collectors can call you....
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Shares of Developer Aoyuan Tumble After Creditors Demand $650 Million

Caixin Online 04 Dec 2021
In a stock , Aoyuan attributed the demand to a series of ratings downgrades, warning shareholders that it may be unable to repay its debts due to liquidity issues ... Thursday’s announcement comes as some of China’s big-name property developers face liquidity crises that have fueled creditor fears over their inability to repay debts....
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Laos opens $6bn Chinese-built railway line

Dawn 04 Dec 2021
Analysts have acknowledged a potential economic lift, but have asked how infrastructure-poor Laos will pay its $1.06 billion debt liability and whether it is ready to exploit the state-of-the-art transport system ... But there is little transparency around how Laos will fund its debt, Australian National University lecturer Greg Raymond said....
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Scholastics

Yankton Daily Press 04 Dec 2021
HANNAH VOUDRY. EMPORIA, Kan ... In addition, U.S. News and World Report data shows ESU students have the lowest student debt of all Kansas public universities. U.S ... .......
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1923: Germany

Dispatch Argus 04 Dec 2021
... be traced back to its loss in World War I....
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Malik seeks US conciliatory role to prevent regional conflicts

The News International 04 Dec 2021
The former Interior Minister said that the world has a question as to why the US doesn’t concentrate on clearing its multi-trillion debt rather than spending trillions of dollars to become a party in others’ wars, sitting far off from the self-created battlefields?....
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IMF warns of economic collapse in some nations without debt fix

Live Mint 03 Dec 2021
The International Monetary Fund warned of “economic collapse" in some low-income countries unless creditors in the world’s richest nations suspend debt-service obligations and help renegotiate new terms. . About 60% of the world’s poorest countries are at high risk or are ......
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IMF urges G20 creditors to extend debt relief

Manila Bulletin 03 Dec 2021
... with the burgeoning debt load ... The World Bank estimates that debt loads in poor countries surged 12 percent to a record $860 billion in 2020 amid the pandemic, and Georgieva said ”about 60 percent of low-income countries are at high risk or already in debt distress.”....
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China accuses MI6 chief of pushing fake news

Beijing News 03 Dec 2021
The Chinese embassy in London has hit back at the head of Britain's secret intelligence service, accusing Richard Moore of ?peddling fake news? after the MI6 boss claimed China targets poor countries with ?debt? and ?data? traps ... Moore was referencing that many poorer nations have fallen into considerable debt with China....
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EU bailout chief Regling says interest rates will stay low and warns against cutting debt too fast

Irish Independent 03 Dec 2021
The head of the EU’s bailout fund says government debt should be allowed to stay higher for longer because low interest rates are here to stay ... He called on the EU to bring in “a higher limit” for debt than the cap of 60pc of gross domestic product (GDP) that has been in place since the 1990s ... Read the leading stories from the world of business....
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China accuses MI6 chief of pushing ‘fake news’

Russia Today 03 Dec 2021
The Chinese embassy in London has hit back at the head of Britain’s secret intelligence service, accusing Richard Moore of “peddling fake news” after the MI6 boss claimed China targets poor countries with “debt” and “data” traps ... Moore was referencing that many poorer nations have fallen into considerable debt with China....
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