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


Ghana can’t reapply for debt relief under HIPC – World Bank

Ghana Business News 29 Oct 2020
The World Bank in response to claims that Ghana has been listed to receive one of the Bank’s debt relief programmes – the Highly Indebted Poor Countries Programme (HIPC) has said Ghana does not qualify to apply for the programme, having graduated in 2004 ... Some have also used a data system of the World Bank to make the point....

Finance COVID-19 relief and recovery, not debt buybacks

Metro USA 29 Oct 2020
Debt distraction ... Most debt restructuring measures do not address countries’ currently more urgent need to finance adequate and appropriate relief and recovery packages ... Despite her earlier reputation as a ‘debt hawk’, new World Bank Chief Economist Carmen Reinhart recognizes the gravity of the situation and recently advised countries to borrow more....

BlackRock Downgrades US Treasuries; What It Means for Bitcoin?

Bitcoinist 29 Oct 2020
BlackRock downgraded its ratings of the US Treasuries even as the government debt emerged as a haven during this week’s stock market sell-off. The world’s largest asset manager took the bold call after interpreting a clear Democratic win for in the November 3 presidential election in the US....

Caribbean vital to tackling COVID-19, climate change, UN chief tells regional leaders

United Nations 29 Oct 2020
He highlighted his push for a relief package equivalent to at least 10 per cent of the global economy, as well as an appeal for debt relief. “As you have long advocated, the world must look beyond incomes and factor in the vulnerabilities of countries ... region in the world....

This election can’t contain the rage of young Americans

Open Democracy 29 Oct 2020
He spoke to those graduates sent off into the world in a deep pit of debt peonage; bar staff who fear a surprise medical emergency will spontaneously send them into bankruptcy; Uber drivers and independent contractors surviving off lower wage, algorithm-based work; and those overwhelmed by the prospect of an uninhabitable future....

Lebanon, Israel hold 2nd round of maritime demarcation talks

Federal News Radio 29 Oct 2020
The U.S ... Beirut hopes that oil and gas discoveries in its territorial waters will help it overcome an unprecedented economic and financial crisis and pay back its massive debt that stands at 170% of GDP, making it one of the highest in the world. The talks also come to the backdrop of U.S ... The U.S.-mediated talks are being held in a tent at a U.N ... ___....

Reviewing the BBC’s Coverage of the Israel-Sudan Agreement

The Algemeiner 29 Oct 2020
Hook referred to the former Islamist dictatorship in Sudan, the country’s massive debt, its removal from the list of terror sponsoring states, and its process of “opening up to the world” before Marshall repeated his talking point....

Explained: what is Lebanon and Israel's maritime border dispute?

The National 29 Oct 2020
Lebanon and Israel, two countries technically still at war, have been holding talks on agreeing their shared border ... What is the maritime border dispute about? ... Claudine Aoun ... Why now? ... It has the world's third-highest debt-to-GDP ratio and without an unseen miraculous level of economic growth over years, it has little chance of paying this off alone ... ....

As venture capital rebounds, what’s going on with venture debt?

Crunch 28 Oct 2020
Venture debt in 2020 ... Its new survey of 493 entrepreneurs who had raised venture capital, and 50 providers of startup capital from the VC and lending worlds, noted that 60% of founders felt that “venture debt has become more founder-friendly,” which you might think would imply that more venture debt was being used, overall....

Zambia wins deferral on China Development Bank debt

Business Day 28 Oct 2020
It was not clear whether the loan in question covers all of this debt or a fraction of it. China holds about a quarter of Zambia's foreign debt ... Zambia, one of the world's top copper producers, has been plunged into a debt crisis as the Covid-19 pandemic hurt its economy and exposed its public borrowing as unsustainable....

Vote out NPP over Ghana's ballooning debt - Sammy Gyamfi

Graphic 28 Oct 2020
What this means is that, President Akufo Addo has added more debt, i.e ... So bad is our current debt position that our finance minister, Ken Ofori Atta, at the virtual plenary session of the Development Committee (DC) of the World Bank (WB) and International Monetary Fund (IMF) last Friday, pleaded for debt forgiveness for the country....

United Nations Handing over Names of Dissents to China

Armstrong Economics 28 Oct 2020
They are counting on a new future where there is no debt and they get whatever money they need to pay all bills ... Nonetheless, it outlines a communist takeover that follows the script put out by Klaus Schwab and his World Economic Forum. It says all your debts will be forgiven but in return, you will own nothing....

How India’s biggest bank merger would stack up in numbers

Live Mint 28 Oct 2020
Kotak Mahindra Bank Ltd.’s potential takeover of IndusInd Bank Ltd. would create India’s eighth-largest lender by assets at a time when the nation is battling one of the world’s worst bad debt problems ... With Kotak and IndusInd facing similar soured debt ratios on their loan books, a deal is unlikely to impact the lenders’ bad debt too much ... ....

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