Under current terms, debt and interest repayments total nearly US$500 million a day through 2029.
Oxfam urged the IMF and World Bank to establish a fairer system rather than focusing on debt restructuring and spending cuts.
Oxfam’s report, released at the start of the IMF-World Bank meetings in Marrakech and drawing on IMF outlooks, also found that on current terms, low- and lower-middle income countries face nearly half a billion dollars a day in interest and debt repayments through 2029. Oxfam called on the IMF and the World Bank to use the crisis to create a fairer system — rather than focusing on debt restructure and spending cuts.
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