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

Edit

Will the Bomb Explode, Igniting Gold?

FX Empire 29 Sep 2020
Neither I think about the viral threat – the coronavirus bomb has already blown up in spring, dragging the world into deep economic crisis ... debt bomb ... In consequence, the already high public debt is forecasted to increase even more ... This method wouldn’t be unprecedented, as it was used to reduce the high public debt after World War II....
Edit

China holds all the cards as pandemic pushes African countries to default on loans

Business Day 29 Sep 2020
African debt was already hitting worrying levels in 2019, but the pandemic has made the problem much worse, in ways that will not only affect Africa, but also one of its biggest creditors, China ... The country is now Africa’s largest official bilateral lender, and about 60% of this year’s debt repayments by the world’s poor countries will go to China....
Edit

Zambia faces Africa's first corona-related debt default

China Daily 29 Sep 2020
The Zambian government has said that it is seeking suspension of debt service payments for a period of six months from private creditors holding about $3 billion in international bonds. This could make Zambia the first African country to default on its debt due to the coronavirus pandemic....
Edit

Trudeau pledges extra $400M in humanitarian aid to fight COVID-19

Toronto Sun 29 Sep 2020
“From ensuring equitable access to vaccines, to providing more time for distressed countries to make bilateral debt payments, including Caribbean and small island states, we’re working on concrete options that will help build a more resilient world,” Trudeau said ... When the world needs us, it’s critical that Canada stands up and does its share.”....
Edit

Revelations on Trump's tax returns stoke long-held national security concerns

Henry Herald 29 Sep 2020
The level of Trump’s debt is “beyond comprehension in the national security world,” said Mark Zaid, a lawyer who represents clients in security clearance cases ... “While all cases are about demonstrating mitigation a debt of several hundred million dollars is beyond comprehension in the national security world,” he said....
Edit

Saudi Arabia: G20 gathering of world leaders to be virtual

Shenzhen Daily 29 Sep 2020
SAUDI ARABIA, which is presiding over the Group of 20 countries this year, said yesterday that the upcoming November gathering of world leaders will be held virtually amid the coronavirus pandemic ... Pakistan’s prime minister, however, has called for outright debt relief for poorer nations from the world’s richest countries.(SD-Agencies)....
Edit

Saudis plan virtual summit of leaders

Arkansas Online 29 Sep 2020
Pakistan's prime minister, however, has called for outright debt relief for poorer nations from the world's richest countries ... The virtual video call was unusual at the time, as governments around the world were beginning to stress the importance of social distancing to curb the virus' spread amid closures, curfews and lockdowns globally....
photo: AP / Alexander Zemlianichenko
FILE - In this Oct. 14, 2019 file photo, Saudi Arabia's Crown Prince Mohammed bin Salman speaks to Russian President Vladimir Putin during the talks in Riyadh, Saudi Arabia.
Edit

Saudi Arabia to host G20 summit virtually on 21-22 November in view of coronavirus pandemic

Yahoo Daily News 29 Sep 2020
Saudi Arabia, which is presiding over the Group of 20 countries this year, said on Monday that the upcoming November gathering of world leaders will be held virtually amid the coronavirus pandemic ... Pakistan's prime minister, however, has called for outright debt relief for poorer nations from the world's richest countries....
Edit

My last post on F.B. tonight ...

Democratic Underground 29 Sep 2020
I've always done my own taxes. Not once in life have I paid anyone to do them for me ... He inherited 400 million $ from his father and now he is at least 400 million $ the other way in DEBT ... From his real estate debts, buildings, hotels etc around the world ... his failed outstanding business debts still owed over the years ... He NEVER pays up ... Dang ... page....
Edit

Protect the world from sliding into global recession, urges UN chief

United Nations 29 Sep 2020
The UN chief welcomed the G20’s Debt Service Suspension Initiative, which has created fiscal space in the world’s poorest countries, but added that the response did not address the magnitude of the crisis ... “We have come together, the largest gathering of world leaders in the ......
Edit

September Soliloquy (Lessons We are Learning)

CounterPunch 29 Sep 2020
To add infection to injury, the future is also being prime-pumped with antibiotic-resistant superbugs, which predictably spawn in the seas of sanitizers, seeping into watersheds all over the world ... International emergency loans without jubilee will set up new dimensions of debt peonage on a world scale....
Edit

Courtesy lending to women aspirants, Avanse raises USD 15 mln

Yahoo Daily News 29 Sep 2020
Mumbai, Sep 29 (PTI) Lending to women has helped private equity major Warburg Pincus-run education loans company Avanse Financial Services raise USD 15 million or Rs 110 crore in foreign debt. The external commercial borrowing (ECB) has been done from the US-based World Business ......
Edit

#39;Weakening fiscal position can impact sovereignty of debt market as COVID risks persist#39;

Moneycontrol 29 Sep 2020
The US presidential election, world's largest capitalist country, has never impacted the trend of global equity market in the long-term ... At the same time, fiscal position of government is weakening which can impact sovereignty of debt market. The US presidential election, world's ......
×