LONDON, Oct 9 — Some of the world’s poorest countries face budget cuts topping US$220 billion (RM1 trillion) over the coming five years due to a debt crisis that has pushed...
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.
A record number of developing nations are in debt distress as rising global interest rates, soaring inflation and a series of economic shocks following the Covid-19 pandemic hammer state finances. Ratings agency Fitch said that as of March, there have been 14 separate default events since 2020 across nine different sovereigns.
“Their answer to the debt crisis is more austerity, and their answer to the financing gulf is more loans,” Oxfam International interim Executive Director Amitabh Behar said in a statement. “True win-wins, like fairly taxing the rich, are being left on the table.”Oxfam and other aid and campaign groups have previously called on international creditors to cancel the debts of developing countries facing economic crisis.
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