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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Lebanon PM seeks foreign support for reforms amid protests

The Spokesman-Review 23 Oct 2019
Lebanon has one of the highest debts in the world that stands at more than $86 billion, or more than 150% of the gross domestic product ... He told reporters that the plan would include cutting debt servicing costs, privatizing no more than 40% of the telecoms sector, improving the ......
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Nearly 6,000 Chicagoans to get letters this holiday season saying their unpaid medical debt is ...

Finger Lakes Times 22 Oct 2019
Aside from birthday cards and holiday letters, there isn't often much good news, but there never seems to be any shortage of bills or debt collection attempts. Soon, when bright yellow envelopes appear in thousands of mailboxes around Cook County with the words "RIP Medical Debt" on each one, recipients might assume it's yet another bill....
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Nearly 6,000 Chicagoans to have medical debt paid this holiday season

Atlanta Journal 22 Oct 2019
Aside from birthday cards and holiday letters, there isn't often much good news, but there never seems to be any shortage of bills or debt collection attempts. Soon, when bright yellow envelopes appear in thousands of mailboxes around Cook County with the words "RIP Medical Debt" on each one, recipients might assume it's yet another bill....
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Lebanon expects positive reaction from foreign donors over reforms - PM adviser

Canada Dot Com 22 Oct 2019
“It is hoped that…Lebanon, in a very short period of time, will be able to restore the capacity to fund debt requirements,” Nadim Munla, Hariri’s senior adviser, said in a briefing to journalists ... Lebanon has one of the world’s heaviest public debt burdens, at some 150 percent of GDP....
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Seeing America again through new eyes

Market Watch 22 Oct 2019
In 2011, at 50, I took early retirement from my job as an air-traffic controller, left Texas and began traveling the world ... How to dig yourself out of debt. There are four basic ways to get out of debt, big or small ......
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Turkey: Travel warning for Lebanon over mass protests

Middle East Monitor 22 Oct 2019
Lebanon suffers from high unemployment, slow growth, and one of the highest debt ratios in the world .......
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Lebanon protests: A country feeling reborn

BBC News 22 Oct 2019
The Lebanese economy is currently staggering under one of the highest debt levels in the world and there is little room for manoeuvre. ....
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SA power firm Eskom sues Deloitte for 'overcharging'

BBC News 22 Oct 2019
It is one of the biggest power utilities in the world, but is saddled with debt and relies on government bailouts to ......
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Jay R. Feuerstein of Trident Capital Management Comments on "Unsinkable Stock Market"

News-Press Now 22 Oct 2019
The International Monetary Fund (IMF) in its October World Economic Outlook, said that global growth has slowed to 3.2 percent annually, from 3.6 percent a year ago ... It can follow the lead of much of the rest of the world and push the Fed Funds rate into negative territory ... That amounts to 25 percent of the world's sovereign debt....
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PM Hariri's office says foreign governments back Lebanon reform goals

Arab News 22 Oct 2019
Lebanon has one of the highest debts in the world that stands at more than $86 billion, or more than 150% of the gross domestic product ... He told reporters that the plan would include cutting debt servicing costs, privatizing no more than 40% of the telecoms sector, improving the ......
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Lebanon remains paralysed as protesters target barons

Middle East Online 22 Oct 2019
Hundreds of thousands of people have flooded streets across Lebanon since Thursday, furious at a hereditary political class they accuse of pushing the economy to the point of collapse ... The country has one of the heaviest public debt burdens in the world ... Lebanon has one of the world's highest levels of government debt as a share of economic output ... ....
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Facing protests, Lebanon approves emergency economic reforms

Indian Express 22 Oct 2019
Roads were blocked for a fifth day across the country ... I don’t think it is a final nail in the coffin – but it is looking ominous,” said Kevin Daly, Senior Investment Manager, Emerging Market Debt at Aberdeen Standard Investments ... Lebanon has one of the world’s highest levels of government debt as a share of economic output ... ....
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Elizabeth Warren has a real opportunity to make this right

CNN 22 Oct 2019
(CNN)Sen ... While Barack Obama was in office, Warren made a name for herself by fighting for middle-class families and offering real solutions to the economic struggles that they faced on matters such as debt. At the Consumer Financial Protection Bureau, she fought to protect the rights of average Americans in the world in the financial sector ... ....
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