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Finance and debt

Russia's war on Ukraine has wreaked havoc on global commodity markets, driving up energy and food prices and exacerbating hunger emergencies around the world, reports Jake Johnson for Common Dreams. But while disastrous for the global poor—millions of whom are living on the brink of famine—the chaos has been a...
As hunger threatens millions, the Biden administration should give its OK for the IMF to distribute financial backing to the world’s poorest countries. By Mark Weisbrot. The world is facing unprecedented levels of hunger that are growing every day with food-price increases caused by the Ukraine war. Russia and...
Western governments should “compel” private lenders to ease loan repayments from low-income countries to tackle a debt crisis, according to campaigners. Debt Justice, formerly the Jubilee Debt Campaign, said African governments owe three times more debt to western banks, asset managers and oil traders than they do to...
Putin’s war underlines just how urgent debt cancellation is. When the fighting ends, Ukraine will need a modern-day Marshall plan - made up of grants, not a reconstruction financed by loans, writes Owen Jones. A bloodied man empties his wallet to his creditor while being mercilessly attacked by an unprovoked...
A climate debt is owed. It is owed by the richest countries, whose carbon emissions—through centuries of industrialisation made possible by colonial extraction—have been the principal cause of the climate crisis. Countries in the Global South, which are the least responsible for carbon emissions and the climate...
The Covid-19 pandemic has led to a “tragic reversal” in development and pushed debt in poor countries to record levels, the head of the World Bank has said. David Malpass, the bank’s president, warned the virus had widened the gap between rich and poor nations, setting back progress by years and, in the case of some...
The latest Spotlight on Sustainable Development 2021 report argues that it's time to overcome contradictions and hypocrisy in the COVID-19 crisis. Published by Social Watch et al. Policy responses to the COVID-19 pandemic and resulting economic crisis have greatly exacerbated national and global inequalities....
More than 100 countries face cuts to public spending on health, education and social protection as the Covid-19 pandemic compounds already high levels of debt, a new report says. The International Monetary Fund believes that 35 to 40 countries are “debt distressed” – defined as when a country is experiencing...
A new report from the United Nations highlights divergent economic recoveries between nations and throws fresh urgency behind warnings that richer nations are not doing enough to help poorer countries from falling further behind as the world recovers from COVID-19 disruptions. “It’s really frustrating to see how...
Outrageous profits have been made by the already extremely rich during the pandemic. They need to show shared sacrifice and solidarity by rallying behind the rest of the world in this fight, writes Anthony Kamande for equalshope.org 2020 was a tumultuous year as the world economy experienced an unprecedented...
A new briefing paper by Oxfam shows that the International Monetary Fund is systematically encouraging countries to adopt austerity measures once the pandemic subsides, risking a severe spike in already increased inequality levels. Overview The COVID-19 pandemic has dealt a huge blow to...
A new global study sounds an alert of an emerging austerity shock: most governments are imposing budget cuts, precisely at a time when their citizens and economies are in greater need of public support. By the Initiative for Policy Dialogue et al. This paper warns of an emerging post-pandemic fiscal...
How the G7 continues to stand in the way of a more democratic international order - by Nick Dearden for the New Internationalist. Earlier this year, South Africa’s delegate to the World Trade Organization made an eloquent plea to rich countries to stop blocking a proposal which would see patents on Covid-19 vaccines...
The world’s richest countries have finally agreed in principle to the idea of a global minimum corporate tax rate—a step that could signal a conclusion to a debate that has been raging for nearly a decade. However, there’s a problem: According to tax justice campaigners, the agreed upon 15% minimum is too minimal,...
G7 negotiations for a global minimum corporate tax rate offers the opportunity for a transformational shift in responses to the pandemic, explains Alex Cobham of the Tax Justice Network. When the chancellor, Rishi Sunak, welcomes the US treasury secretary, Janet Yellen, to the meeting of G7 finance ministersin...