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


Nearly $4 billion in federal student loan debt canceled for former ITT Tech students

The Los Angeles Times 17 Aug 2022
Nearly $4 billion in student loan debt will be canceled for 208,000 former students of for-profit ITT Technical Institute, the U.S ... “The predatory debt accumulated set individual students and their families back decades,” Schwarze said in a statement. World & Nation Some student loans are in line for relief....

Wall Street banks re-launch Russian bond trading: Report

Press TV 17 Aug 2022
Several major US banks are again offering to facilitate trading in Russian debt, as Washington rolled back its economic warfare against Moscow, an apparent attempt to help facilitate US holders to gradually dispose of them ... US bars investors from buying Russian debt, stocks on secondary market....

Sri Lanka: Economic Crisis Puts Rights in Peril

Human Rights Watch 17 Aug 2022
The Sri Lankan government should work with relevant financial institutions and partners to establish a new social protection system and obtain debt relief, adopt measures to ensure fair taxation, and address corruption at the highest levels of government ... A police officer who earns rupees 45,000 (US$126) a month said his family was going into debt....

Is Ghana still an attractive destination for doing business?

B & FT Online 17 Aug 2022
Amid these disinvestments by foreign investors, 53% of our revenues are used in financing interest payments on our debt – which happens to be the second-largest allocation of revenue toward debt servicing in the world after Sri Lanka, according to a study by Fitch. One of the fastest-plummeting currencies in the world....

City Councilors Ponder Whether to Help World Games Close $14M deficit

The Birmingham Times 17 Aug 2022
Birmingham City Councilors on Tuesday were mixed on whether the city should come up with another $5 million to help fill a $14 million deficit left by The World Games 2022 (TWG2022) ... Council President Pro Tem Crystal Smitherman said the investment into the World Games was worth it, which means helping to retire the debt....

Cineworld plunges as lack of blockbusters adds to debt woes

Reuters 17 Aug 2022
Aug 17 (Reuters) - Cineworld (CINE.L) warned on Wednesday a lack of big-budget movies was hitting admissions and would likely persist until November, potentially complicating efforts to cut debt that it warned could significantly dilute shareholder interests....

Cineworld warns of low footfall over few film releases

RTE 17 Aug 2022
The world's second largest cinema chain saw its net debt soar last year and was hoping to bounce back this summer with film sequels such as James Cameron's "Avatar 2" and Tom Cruise's "Top Gun ... The company's net debt jumped to $8.9 billion at the end of 2021 from some $600 million ......

Too much US monetary tightening creates stagflation in other countries: economist 17 Aug 2022
Fed continues to raise interest rates, the rest of the world will experience stagflation. The stagflation outside of the United States will be very serious as capital flight to safety causes severe debt and foreign exchange crises in many parts of the world and developing countries face imported inflation due to the strong U.S....

Cineworld shares plummet as admissions dwindle amid soaring debt pile and sparsity of new hit films

The Daily Mail 17 Aug 2022
The world's second biggest cinema chain's net debt soared last year and it was hoping to bounce back this summer with film sequels such as James Cameron's 'Avatar 2' and Tom Cruise's 'Top Gun. Maverick', as well as some Marvel films ... Impact ... Share ... The company's net debt jumped to $8.9billion at the end of last year, up from $600million a year earlier....

Silver World Trends Highlights 3 U.S. States Where Gold And Silver Is Legal Tender

MENA FN 17 Aug 2022
(MENAFN - EIN Presswire) The U.S. Constitution allows states to make gold and silver legal tender for payment of debts. Silver World Trends lists 3 states that currently do so. HOUSTON, TX, UNITED ... ....

Wolfgang Petersen: the director who brought emotion to action movies

The Times/The Sunday Times 17 Aug 2022
The world of action movies owes a debt to Wolfgang Petersen ... Wolfgang Petersen's best films. Sponsored ... ....

Syria denies holding U.S. journalist Austin Tice, rejecting Biden’s allegations

The Los Angeles Times 17 Aug 2022
World & Nation Inside the secret talks with Syria aimed at freeing American hostages ... World & Nation U.S ... World & Nation ... World & Nation ‘How can anyone live that way?’ ... Latest World & Nation ... World & Nation Nearly $4 billion in federal student loan debt canceled for former ITT Tech students....

Critics slam former Australian leader’s decision to give himself secret powers

The Los Angeles Times 17 Aug 2022
World & Nation New Australian government includes a record 13 female ministers ... World & Nation Australian Prime Minister Scott Morrison tests positive for COVID-19 ... World & Nation ... World & Nation Nearly $4 billion in federal student loan debt canceled for former ITT Tech students ... Latest World & Nation....

Most Viewed

File - Chinese President Xi Jinping inspects the People's Liberation Army soldiers at a camp in Hong Kong on June 30, 2017. Xi will visit Hong Kong this week to celebrate the 25th anniversary of the former British colony's 1997 return to China, a state news agency said Saturday, June 25, 2022.
AP / Vincent Yu, File

'Prepare for war': China nears breaking point

NewstalkZB | 17 Aug 2022