Western financial policies have been squeezing economies worldwide. After being urged to borrow commercial finance heavily, developing countries now struggle with contractionary Western monetary policies.
Western Finance Ruining Economies of the Rest | Inter Press Service
Debt swaps for climate and conservation goals have experienced a resurgence in recent years. As COP29 negotiations kick off, they are presented as a dual solution for debt and climate issues, however they fall short in practice and pose risks that threaten to harm global south countries and communities. This briefing explains why instead of debt swaps, we need urgent debt cancellation and grant-based climate finance.
A Reform Agenda for the Upcoming 4th International Conference on Financing for Development
When history repeats itself, the first time is a tragedy; the next is a farce. If we fail to learn from past financial crises, we risk making avoidable errors, often with irreversible, even tragic consequences.
Handling Financial Crises in the South | Inter Press Service (ipsnews.net)
For some time, most multilateral financial institutions have urged developing countries to borrow commercially, but not from China. Now, borrowers are stuck in debt traps with little prospect of escape.
US Fed- Induced World Stagnation Deepens Debt Distress | Inter Press Service (ipsnews.net)
Developing country governments are being blamed for irresponsibly borrowing too much. The resulting debt stress has blocked investments and growth in this unequal and unfair world economic order.
Government Debt Is Symptom, Not Cause | Inter Press Service (ipsnews.net)
This report highlights the depth of a crisis that is beyond debt. It is a development
and human crisis when government opts to service a creditor [rather] than
its citizens. The findings are clear, governments are working for creditors
and not people, this must change Join the movement for a fair economy
if Africa is to be a rule maker
Developing countries are being blamed for having borrowed and spent irresponsibly. But they have only been doing what foreign powers and financial interests have urged them to do.
Developing Countries’ Government Debt Crises Loom Larger | Inter Press Service (ipsnews.net)
Public debt in African economies has become a subject of critical examination as nations grapple with the challenges and opportunities it presents. This research paper embarks on a comprehensive exploration of the complexities surrounding public debt in Africa, aiming to shed light on its historical roots, legal foundations, theoretical dimensions, creation processes, rights and liabilities, and transparency mechanisms. By addressing these multifaceted aspects, this study seeks to offer valuable insights and policy recommendations for effective debt management and governance
Contractionary economic trends since 2008 and ‘geopolitical’ conflicts subverting international cooperation have worsened world conditions, especially in the poorest countries, mainly in Africa, leaving their poor worse off.
Conditions and prospects are so bad that two well-known globalisation cheerleaders have appealed to rich nations for urgent action. Former IMF Deputy Managing Director and World Bank Senior Vice-President, Professor Anne Krueger and influential Financial Times columnist Martin Wolf warn ominously of the dire consequences of inaction.
Article by Jomo Kwame Sundaram
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