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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G20 summit: A breakthrough in sovereign debt management system

China Daily 26 Nov 2020
They adopted a specific document — the Common Framework for Debt Treatments ... In April, the finance ministers of the G20 introduced the so-called Debt Service Suspension Initiative (DSSI) ... At present, there is only one organization in the world that practices general rules for managing sovereign debt, which is the Paris Club of creditors....
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Former World Bank chief and 'voice for the poor' James Wolfensohn dies aged 86

Straits Times 26 Nov 2020
WASHINGTON (REUTERS) - James Wolfensohn, a former investment banker who pushed through debt relief for the poorest nations during a decade at the helm of the World Bank, has died, the Bank said on Wednesday (Nov 25) ... relief to 27 of the world's poorest countries....
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Former World Bank chief and ‘voice for the poor’ Wolfensohn dies aged 86

Metro USA 26 Nov 2020
WASHINGTON (Reuters) – James Wolfensohn, a former investment banker who pushed through debt relief for the poorest nations during a decade at the helm of the World Bank, has died, the Bank said Wednesday ... $53 billion in debt relief to 27 of the world’s poorest countries....
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Former World Bank chief and 'voice for the poor' Wolfensohn dies aged 86

Yahoo Daily News 26 Nov 2020
WASHINGTON (Reuters) - James Wolfensohn, a former investment banker who pushed through debt relief for the poorest nations during a decade at the helm of the World Bank, has died, the Bank said Wednesday ... more than $53 billion in debt relief to 27 of the world’s poorest countries....
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Six easy steps to save money

The National 26 Nov 2020
The biggest barriers to saving money are not following a budget, a lack of financial literacy, no savings goals, too much debt in the form of loans and credit cards, needless spending and procrastination ... How to avoid getting into debt in your 20s ... Pare down excess debts. Reducing personal debt is the best way to free up your income for saving....
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Why the G20’s failure on debt cancellation is bad news for women

Open Democracy 25 Nov 2020
World leaders put wealthy creditor interests before debt justice, further jeopardising women’s rights ... World leaders meet virtually at the Riyadh G20 summit, November 21-22, 2020 ... The meeting followed the G20’s announcement of limp new proposals to address the looming debt crisis....
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To pay off global COVID-19 debts, the powerful must take a step back

Taipei Times 25 Nov 2020
IMF managing director Kristalina Georgieva has said that issuing new SDRs “isn’t off the table,” while the G20 just this month agreed to cancel some of the debts of the poorest countries in the world ... Shutting down tax havens, redirecting military spending and canceling debts would face strong resistance from the most powerful people in the world....
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Argentina’s Left-Wing President Is Deepening the COVID-19 Recession

National Review 25 Nov 2020
But since March, the government of Alberto Fernández and Cristina Fernández de Kirchner has made matters worse by imposing one of the longest quarantines in the world ... Worse, despite the draconian government response, Argentina has the seventh-highest number of COVID-19 infections in the world ... Argentina has public debt approaching 90 percent of GDP....
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Suburban Wacko, Gun-Toting Zealots v Urban Intelectual Leftists?

Armstrong Economics 25 Nov 2020
Did the ancients simply understand the cycle of debt far better than Marx and his followers such as Schwab and the World Economic Forum? Schwab’s lobbying efforsts to convince our governments to crush the economy with lockdowns and seize all property in order to escape their own demise is unimaginable....
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The true cost of the coronavirus debt

The Spectator 25 Nov 2020
Outside of world wars, this is a uniquely large and fast rise in public sector debt ... The coronavirus debt is not free. We just don't know quite how expensive it will turn out to be.Outside of world wars, this is a uniquely large and fast rise in public sector debt....
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Video: “The Fiat Standard” With Saifedean Ammous

Bitcoin Magazine 25 Nov 2020
The slight advantages of fiat don’t mean that it’s an overall positive monetary system, as fiat money has brought us upon the debt standard and possibly the worst debt crisis that the world has ever seen, with no end in sight ... Fiat education plays a massive role in the debt crisis as discussed above....
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Global economic recovery from pandemic entering critical period, says MAS chief

Straits Times 25 Nov 2020
SINGAPORE (BLOOMBERG) - The global economic recovery from the Covid-19 pandemic is heading into a critical period as nations balance the need to prop up consumers and businesses against the threat of unmanageable debt, Singapore's central bank chief said. "The world is now ......
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Global recovery heading into critical period: MAS chief

Straits Times 25 Nov 2020
The global economic recovery from the Covid-19 pandemic is heading into a critical period as nations balance the need to prop up consumers and businesses against the threat of unmanageable debt, Singapore's central bank chief said ... And now the authorities are converging to the same position as most of the rest of the world....

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