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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IMF charges African governments to undertake fiscal consolidation to address debt vulnerabilities

Joy Online 22 Oct 2021
And more countries may find themselves under future pressure as debt-service payments account for an increasing share of government resources”, Abebe Aemro Selassie, Head of Communications at the IMF disclosed in a briefing to climax the World Bank/IMF spring meetings....
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China’s troubled property behemoth averts default for now

Metro USA 22 Oct 2021
HONG KONG/SHANGHAI (Reuters) -China Evergrande Group appeared to have averted default with a last-minute bond coupon payment, a source said on Friday, buying it another week to wrestle with a debt crisis looming over the world’s second-biggest economy....
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Factbox: China's indebted property market and the Evergrande crisis

Reuters 22 Oct 2021
According to the Chinese central bank, 93.6% of urban households owned homes last year, one of the highest rates in the world ... DEBT MOUNTAIN ... the weight of debt ... The sector's outstanding debt is roughly equivalent to the GDP of Japan, the world's third-largest economy....
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Factbox-China’s indebted property market and the Evergrande crisis

Metro USA 22 Oct 2021
According to the Chinese central bank, 93.6% of urban households owned homes last year, one of the highest rates in the world ... DEBT MOUNTAIN ... the weight of debt ... The sector’s outstanding debt is roughly equivalent to the GDP of Japan, the world’s third-largest economy....
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The Korean debt crisis that inspired Squid Game’s dark dystopia

The Guardian 22 Oct 2021
... contestants risking their lives for money is a real crisis of personal debt in Korea ... Underneath all that hype, though, is a story that resonates deeply in South Korea – where levels of personal debt are now equivalent to 105% of GDP – and has struck a chord around the world....
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China’s Evergrande pulls back from default with bond payment

Al Jazeera 22 Oct 2021
China Evergrande Group pulled back from the brink of default by paying a bond coupon before Saturday’s deadline, giving the property giant at least another week to come to grips with a debt crisis that has rattled investor confidence in the world’s second-largest economy....
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China Evergrande staves off default at the last minute

Business Day 22 Oct 2021
China Evergrande Group pulled back from the brink of default by paying a bond coupon before Saturday’s deadline, giving the property giant at least another week to come to grips with a debt crisis that has rattled investor confidence in the world’s second-largest economy ... Evergrande, Asia’s largest issuer of junk-rated debt, declined to comment....
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Biden opens the door to reforming the filibuster -- but not 'at this moment'

Raw Story 22 Oct 2021
... that one area where Democrats might be forced to reform the filibuster is on passing an extension of the debt ceiling in December ... One is the sacred obligation that we never are going to renege on a debt. Only nation in the world we have never, ever, reneged on a single debt."....
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Property Developer Evergrande Avoids Default With a Last-Minute Payment, According to Chinese Media

Time 22 Oct 2021
Evergrande has a hefty wall of maturing debt next year with some $7.4 billion coming due in onshore and offshore bonds ... At least three developers defaulted on their dollar debt this month as junk bond yields surged to a decade-high ... Spends Big on Climate, the Rest of the World Might Follow....
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China's Troubled Property Behemoth Averts Default for Now

Voa News 22 Oct 2021
China Evergrande Group appeared to have averted default with a last-minute bond coupon payment, a source said Friday, buying it another week to wrestle with a debt crisis looming over the world's second-biggest economy ... Chinese property companies could now be locked out of offshore debt markets until early next year....
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Explainer-How China Evergrande’s Debt Troubles Pose a Systemic Risk

FX Empire 22 Oct 2021
HOW DID CONCERNS ARISE OVER DEBT? ... HOW HAS EVERGRANDE REDUCED DEBT?. Evergrande accelerated efforts to cut debt last year after regulators introduced caps on three debt ratios, dubbed the “three red lines” ... handle the default risks and look to curb excessive debt more broadly....
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China's troubled property behemoth Evergrande averts default for now

Canoe 22 Oct 2021
HONG KONG/SHANGHAI — China Evergrande Group appeared to have averted default with a last-minute bond coupon payment, a source said on Friday, buying it another week to wrestle with a debt crisis looming over the world’s second-biggest economy ... Chinese property companies could now be locked out of offshore debt markets until early next year....
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Digital World CEO says more Trump deal details coming

Metro USA 22 Oct 2021
(Reuters) – Digital World ... Digital World has provided few details thus far about the deal, which gave an initial valuation to Trump Media and Technology Group of $875 million, including debt....
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