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


FHA Commissioner Montgomery, leave down payment assistance alone

Orange County Register 24 Jan 2020
Dave Stevens, a former FHA commissioner and retired president and chief executive of the Mortgage Bankers Association, noted that such down payment assistance often is coupled with high debt-to-income ratios and low FICO scores ... How about increasing the minimum credit score or lowering the maximum debt-to-income ratio?....

Kill your bad debt before it kills you

Business Line 23 Jan 2020
Debt has traditionally been considered bad ... With income levels rising and access to loans becoming easier, debt has now gained more social acceptance ... It is hard to find a white-collar worker without a debt obligation ... However, initiating children into the world of debt is a debatable point with many parents and even bankers....

Santis O'Garro on how she became 'debt-free'

RTE 23 Jan 2020
Running into the sea naked and screaming was how Santis O'Garro originally planned to celebrate when she was 100% debt-free. After paying off the last chunk of the €15,000 at the Credit Union, she kept the togs on when she filmed herself for Instagram on Portmarnock beach, announcing to the world that she had hit her target.....

Dan O'Brien: 'We don't want auction politics - we need to know what happens if the hard times return'

Irish Independent 23 Jan 2020
If the government's debt is divided only among those who work - a more meaningful measure, it might be argued - it comes in at €100,000 per person ... That is down on a few years ago, but the total debt - one of the highest in the world per person, as mentioned above - and the cost of servicing it remain high....

Pakistan defends Chinese investment after US criticises CPEC project

India TV 23 Jan 2020
Senior US diplomat Alice Wells has said there is no transparency in the China-Pakistan Economic Corridor (CPEC) and the firms blacklisted by the World Bank have got contracts under the project, which will increase the country's debt burden ... The CPEC debt amounts to USD 4.9 billion which is not even 10 per cent of the country's total debt," she said....

New finance chief says Lebanon to decide on March bond next week

Gulf News 23 Jan 2020
Lebanon’s incoming Finance Minister Gazi Wazni said the fate of debt maturing in March will be the new government’s top priority when it meets next week, as investor concerns intensify that the country could default on its next payment ... most of the country’s debt ... Debt tightrope....

Pakistan rejects US claims regarding CPEC financing

Dawn 23 Jan 2020
"The CPEC debt amounts to $4.9bn which is not even 10 per cent of the country's total debt," she explained ... Claiming that Pakistan’s debt burden was growing due to the Chinese financing, Wells alleged that companies blacklisted by the World Bank had got contracts in the CPEC....

My Mother’s Eyes: A Soulful Animated Short Film About Loss and the Unbreakable Bonds of Love

Brainpickings 23 Jan 2020
“Every man or woman who is sane, every man or woman who has the feeling of being a person in the world, and for whom the world means something, every happy person, is in infinite debt to a woman,” the trailblazing psychologist Donald Winnicott observed four centuries later in his landmark manifesto for motherhood....

Cambodia rice crisis signals deeper economic rot

Asiatimes 23 Jan 2020
That makes an average debt per borrower of $3,370, the highest in the world for microfinance lending ... be considerably higher because banks often include these debts under different categories and many debts are taken by borrowers to refinance other loans, the World Bank warns....

Lebanese PM says new cabinet faces ‘catastrophe’

Dawn 23 Jan 2020
BEIRUT ... Lebanon has one of the world’s highest debt-to-GDP ratios and economists have argued it is hard to see how the near-bankrupt country could repay its foreign debt ... A looming default on Lebanon’s debt, which has been steadily downgraded deeper into junk status by rating agencies, has sent the dollar soaring on the parallel exchange market ... ....

The World Holocaust Forum event has proved to be a remarkable day

The Jerusalem Post 23 Jan 2020
“The world must stand strong against the Islamic Republic of Iran.". There were also poignent moments, such as when President Reuven Rivlin choked up speaking about the debt Israel owes the survivors, and when some of the most powerful and influential leaders in the world stood at rapt attention for the singing of Hatikvah....

Lebanon PM warns new cabinet faces 'catastrophe'

Middle East Online 23 Jan 2020
Lebanon has one of the world's highest debt-to-GDP ratios and economists have said it is hard to see how the near-bankrupt country could repay its creditors. A looming default on Lebanon's debt, which has been steadily downgraded deeper into junk status by ratings agencies, has sent its currency plunging on the parallel exchange market ... ....

Violent clashes between protesters and police return to Beirut

Omaha World-Herald 23 Jan 2020
Hassan Diab go home ... Lebanon is under pressure from the World Bank and the International Monetary Fund to impose austerity measures in return for financial support. The country has one of the biggest public debt ratios in the world, equivalent to about 150 per cent of gross domestic product ... ——— ... ————— ... Sign up for The World-Herald's afternoon updates....