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Finance and debt

Last week marked 15 years since the G8 Summit in Gleneagles, Scotland, when leaders of the world’s richest countries agreed debt cancellation for many of the world’s poorest heavily indebted countries.  This hard won victory was the culmination of more than a decade of campaigning by the global movement which came...
Despite decades of protests against them, the IMF and World Bank continue to force the same discredited policies on poor governments and their people, writes Lara Merling for Jacobin. The International Monetary Fund (IMF) and World Bankplayed a central role in shaping our current model of globalization, imposing...
Far from being the 'great leveller', COVID-19 has exposed and deepened socio-economic inequalities, writes Meera Karunananthan for openDemocracy. "Those who led us into debt were gambling, as if they were in a casino... there is talk of a crisis. No. They gambled. They lost... We cannot repay the debt because we...
Now is the time for citizens to ensure that world leaders forcefully respond to the COVID-19 crisis in accordance with human rights, write Isabel Ortiz and Walden Bello. The coronavirus (COVID-19) pandemic has created an unprecedented human and economic crisis. Governments are taking strong actions, enforcing...
International aid and development organisations stress that suspending debt payments during a major global economic and health emergency may not be enough to fight the crises.  Financial officials of the Group of 20 (G20) major economies have said they agreed on a coordinated approach for a suspension of debt...
The time has come for a massively ambitious plan to overcome the impacts of the coronavirus crisis in developing countries, and on a scale we’ve never seen before in our lifetimes. By Chema Vera from Oxfam International.  Forty million people. That many people could die worldwide from coronavirus unless we see ...
While the world's richest have seen a dip in their stock holdings, those on the bottom of the wealth scale will bear the heaviest burden of the crisis, writes Max Lawson for Inequality.org At first glance, the coronavirus seems to be a great leveler, with everyone — rich and poor — seeming to be equally at risk. ...
Rapid action is needed to head off the risk of a new debt crisis in the world’s poorest countries amid evidence that the Covid-19 pandemic is raising borrowing costs and hitting commodity exports, according to a leading campaign group. A Jubilee Debt Campaign report said some of the world’s most vulnerable nations...
Public services play a critical role in advancing human rights and fighting inequality. However, growing levels of external public debt, especially in the global south, threaten the very services on which citizens depend in order to have even a basic standard of living.  External debt levels are once again increasing...
A new study has found that as much as a sixth of foreign aid intended for the world's poorest countries has flowed into bank accounts in tax havens owned by elites. The report from the World Bank, opens with the simple question: "Do elites capture foreign aid?".  The overriding conclusion of the 46-page report says...
Poorer countries are cutting public spending in response to a “growing debt crisis”, campaigners have warned. Debt in some countries has trebled according to new figures that calculate debt reimbursements, and their impact on government expenditure, in 60 countries. The research, based on 60 countries for which the ...
Less than 10% of EU aid money reaches the countries where it is most needed, according to a study that found levels of assistance had dropped for the second year running. The EU and its member states remain the biggest development donor group in the world – investing €71.9bn (£61bn) in 2018, more than half of global...
In einer zunehmend ungleichen und nicht nachhaltigen Welt müssen die Regierungen dringend die restriktiven politischen und wirtschaftlichen Ideologien der Vergangenheit überwinden und Lösungen finden, die den gemeinsamen Bedürfnissen der Menschen in allen Ländern gerecht werden. Dieser Leitfaden skizziert das Ausmaß...
It's time to reclaim the policy space lost to footloose capital by creating a new public realm at the global level, writes Richard Kozul-Wright for openDemocracy's Oureconomy. This week in Washington, the international community will be recalling the achievement of their forebears who, seventy five years ago, with...
Austerity and budget cuts do not need to be “the new normal”. Governments can find additional fiscal space to fund public services and development policies through at least eight options, all of which are endorsed by the United Nations. By Isabel Ortiz and Matthew Cummins for IPS news. While this week Ministers of...