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


Ron Paul Warns Fiscal Responsibility Act Will Erode US Dollar Value, Hasten Loss of Reserve ...

Bitcoin 08 Jun 2023
Representative Ron Paul has warned that the Fiscal Responsibility Act, recently signed into law by President Joe Biden, will escalate government spending, debt, and deficits ... dollar will lose its world reserve currency status sooner rather than later,” he cautioned ... Dollar Losing World Reserve Currency Status....

Government approach to debt relief for poorer nations ‘not good enough’, MPs say

AOL 08 Jun 2023
The Government also rejected the committee’s call to encourage international bodies such as the World Bank to discuss cancelling the debts of developing countries, saying they “must continue to be a much-needed source of flexible and tailored finance” that was “cheaper than commercial lending”....

Interview: U.S. debt crisis reveals flaws in U.S. politics, fiscal policy, says Thai banker

Xinhua 08 Jun 2023
debt-ceiling saga has shaken the global economy, exposing flaws in U.S. politics and fiscal policy, a Thai banker has said, warning governments and investors around the world to be alerted ... debt ceiling has been brewing for some time ... The bipartisan act suspends the public debt limit through Jan ... debt crisis further exposes the harm of dollar hegemony....

Global growth warning

Gulf Daily News 08 Jun 2023
The World Bank has said that the global economy remained in a ... The World Bank projected that global growth would slow to 2.1 per cent this year from 3.1pc in 2022 ... According to the World Bank, 14 of 28 low-income countries are in debt distress or at a high risk of debt distress....

World Insights: Doubts surface over whether debt ceiling bill can mitigate U.S. economic risks

Xinhua 08 Jun 2023
President Joe Biden touting the bipartisan agreement on the debt ceiling as "a big win" for the country, global concerns about the risks of America's economy have only intensified ... After the debt-cap resolution, the Treasury Department is expected to replenish its cash balance to 550 billion dollars by the end of this month ... World Insights....

The destruction of the Kakhovka dam… serious and wide-ranging consequences for developing countries

The Eastern Herald 08 Jun 2023
In the future, and with the continuation of the conflict, we will see either a growing increase in hunger rates around the world or an increase in debt, especially with the tightening of monetary policy around the world. Read the Latest World News Today on The Eastern Herald....

World Bank raises China growth forecast to 5.6%

ECNS 08 Jun 2023
Indermit Gill, the World Bank Group's chief economist and senior vice-president for development economics, said that in 2023, trade will grow at less than a third of its pace in the years before the pandemic, and that in the EMDEs, debt pressures are growing due to higher interest rates. World Bank Group President Ajay Banga said....

Kuwait votes in opposition-led parliament, one woman elected

Arab News 08 Jun 2023
KUWAIT CITY. Opposition lawmakers won a majority in Kuwait’s parliament with only one woman elected, results showed on Wednesday, after the Gulf state’s seventh general election in just over a decade ... Only one woman was elected — opposition candidate Janan Bushehri ... It has little debt and one of the strongest sovereign wealth funds in the world .......

Pretrial release suspect charged in Mangilao robbery

Guam Pacific Daily News 08 Jun 2023
Pacific Daily News Jun 8, 2023 2 hrs ago 0. Facebook Twitter WhatsApp SMS Email. +1. Donavan Nelson Courtesy of DOC. +1. Joe Shawn Aguon Courtesy of DOC. Facebook Twitter WhatsApp SMS Email Print Copy article link Save ... As Medical Debt Rises, So Do Cancer Death Rates. World’s first baby born from transplanted uterus using robot surgery ... +1 ... +1 ... Emoticons ... .......

More high school graduation plans have been finalized

Guam Pacific Daily News 08 Jun 2023
By Thomas Benavente Pacific Daily News Jun 8, 2023 1 hr ago 0. Facebook Twitter WhatsApp SMS Email. The Calvo Field House at the University of Guam. Thomas Benavente/PDN. Graduation flier for George Washington High School ... to 8 p.m ... As Medical Debt Rises, So Do Cancer Death Rates. World’s first baby born from transplanted uterus using robot surgery ... .......

Businesses and nonprofits can both get help from SBA or the SBDC

Guam Pacific Daily News 08 Jun 2023
By Thomas Benavente Pacific Daily News Jun 8, 2023 1 hr ago 0. Facebook Twitter WhatsApp SMS Email. The Infusion Coffee & Tea cafe in Tamuning on June 7, 2023 ... No dine-in seating was available within the location at the time ... SBA ... As Medical Debt Rises, So Do Cancer Death Rates. World’s first baby born from transplanted uterus using robot surgery....

Debt ceiling and fiscal responsibility

Manila Bulletin 07 Jun 2023
A debt ceiling provided some parameters of fiscal discipline that was meant to rally support of reluctant allies to join in World War I. Since World War II, Congress has raised, modified, or temporarily suspended the debt limit more than a hundred times ... Good for the Philippines that we do not have a hard debt ceiling as in the US....
photo: Creative Commons / Ninara
Nairobi, Kenya, city centre. Holy Family Basilica. Taken form the Kenyatta International Conference Centre

Kenya economic growth to edge up this year, World Bank says

Reuters 07 Jun 2023
Farm sector recovery to boost growthTotal public debt to edge lower in 2023Opportunities in trading carbon credits ... Total public debt is expected to edge lower to 64.8% of gross domestic product at the end of this year, from 67.4% at the end of 2022, the World Bank said, ... Egypt faces external debt reckoning after borrowing spreeJune 6, 2023....

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This handout photo released by telegram channel of Belgorod region governor Vyacheslav Gladkov shows the side damaged apartments building near the crater after an explosion in Belgorod, Russia, Friday, April 21, 2023.
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Russia warns Belgium over militia weapons claims

Russia Today | 07 Jun 2023