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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South Africa's Sasol warns possible coronavirus disruptions could hit full-year results

Canada Dot Com 31 Mar 2020
JOHANNESBURG — South African petrochemicals producer Sasol Ltd, the world’s top producer of motor fuel from coal, said on Tuesday its full year results could be hit by potential disruptions to production, supply chains and construction as the coronavirus continues to spread across the world....
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Responding to a disaster doesn’t give National Treasury more alternatives

Independent online (SA) 31 Mar 2020
In the 2018/19 financial year, South Africa’s national debt exceeded R3 trillion ... The country recorded a government debt equivalent to 62.2 percent of the country’s gross domestic product (GDP) in 2019 ... We are particularly concerned about low-income countries in debt distress — an issue on which we are working closely with the World Bank....
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Fierce backlash to Dutch hard line on eurobonds

The Irish Times 31 Mar 2020
... more debt should essentially learn from their mistakes ... The letter noted that German debt had been written off after the second World War, and accused the Netherlands of effectively being a tax haven “that has been subtracting resources from all big European countries for years.”....
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Why coronavirus could spark a capitalist supernova

Open Democracy 31 Mar 2020
Since 2008, productivity has stagnated across the world and GDP growth has been lower than in any decade since World War II, resulting in what Nouriel Roubini has called “the mother of all asset bubbles,” while aggregate debt (the total debt of governments, corporations and ......
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Israeli gov't to raise first-ever 100-year bond

Globes 31 Mar 2020
The decision followed widespread consultation with foreign financial concerns, in the realization that demand for Israeli state debt is high among large investors around the world....
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China, India could be exceptions to recession in world economy due to coronavirus: UN trade body

DNA India 31 Mar 2020
Kozul-Wright warned that the world economy will go into recession this year with a predicted loss of global income in the trillions of dollars.  ... UNCTAD cited Germany's example when half of the country’s debt after World War II, was cancelled.  ....
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India, China could be exceptions to recession in world economy due to coronavirus: UN trade body

DNA India 31 Mar 2020
Kozul-Wright warned that the world economy will go into recession this year with a predicted loss of global income in the trillions of dollars.  ... UNCTAD cited Germany's example when half of the country’s debt after World War II, was cancelled.  ....
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YOUR MONEY: How to apply past financial lessons to today's coronavirus crisis

Canada Dot Com 31 Mar 2020
NEW YORK — When the world feels like it is ending, it can be comforting to look to history and see that such global convulsions have happened before and the earth kept on turning ... There have been other episodes with a lot of debt, such as the end of World War Two....
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G20 coronavirus plan focuses on poorer countries' debt problems

Yahoo Daily News 31 Mar 2020
The IMF and the World Bank have jointly called for urgent action by official bilateral creditors to suspend debt service payments for the most vulnerable countries, some of whom have also been hit hard by a plunge in oil prices ... of bankruptcies and emerging market debt defaults....
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Carnival to raise $6 bln in debt, equity to weather coronavirus storm

Canada Dot Com 31 Mar 2020
The world’s largest cruise operator said it would raise about $1.25 billion in equity and the rest in debt ......
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Neoliberalism is terminally ill—There can be no more ‘business as usual’

People's World 31 Mar 2020
Experts from Britain and the World Health Organization confirm this ... Another indicator is debt. In 2018, the United Nations Conference on Trade and Development (UNCTAD) warned of the vulnerability of the world economy because of the high global debt burden. Worldwide, the total mountain of debt has reached a record amount of $253 trillion....
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Government had $1.4 billion surplus prior to Covid-19 pandemic

TVNZ 31 Mar 2020
The Government's books showed a $1.4b surplus with debt just below forecast, before the economic impact of Covid-19 hit the country forcing billions to be spent during the pandemic ... "Governments around the world are lifting debt to pay for increased health spending and support for their economies."....
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GDC Relief Bundle Packs in Lots of Games for Any Price

Game Rant 31 Mar 2020
Thankfully, Gamedev.world and other sponsors have been organizing a relief effort complete with multiple fundraisers to support the impacted developers ... Hopefully, the fundraising effort bears fruit; with�the world under quarantine, it sure seems like the perfect time to watch a few Twitch streams and pick up a hundred or so new games....

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