Is debt restructuring the magic wand for Africa?
23/10/2023: The recent annual meetings of the International Monetary Fund and the World Bank returned to Africa after 50 years but only Zambia emerged with a debt relief package, among ten countries on the continent that are in debt distress. The charity ActionAid is calling for change that prioritises development over debt repayments, shifting away from austerity and fiscal fundamentalism.
Source: The East African
China or US: Who’s delaying debt relief to developing world
11/10/2023: Today, 3.3 billion people live in countries that spend more on interest payments than on education or health, according to the UN. China has been widely blamed for the delay in a global debt relief programme. Beijing disagrees and puts the onus on the US and lenders backed by it.
Source: DW
Asian Development Bank to lend $100 billion more
2/10/2023: In response to the G20 call for multilateral development banks to find ways to stretch their resources, the Asian Development Bank has authorised a 40% increase in lending. The bank’s spending will still focus on ending poverty, but will also increase funding for climate work.
Source: Devex
“Consensus” emerges ahead of vote on global tax cooperation
21/9/2023: A debate at the UN General Assembly has taken a step towards a vote on establishing a UN tax convention, heralded as the best chance to avert losing nearly $5 trillion to tax havens over the next decade. Notably silent on the matter were the US, EU and the UK.
Source: Tax Justice Network
Nigeria’s economic reforms fail to protect vulnerable citizens
28/7/2023: In May the Nigerian government discontinued fuel subsidies, an action long recommended by economic advisers. In the first month after the subsidy was cut, the government saved $530 million but the poorest are struggling to cope with rising prices.
Source: Devex
Africa must own the idea of the “just transition”
4/7/2023: The just transition towards a sustainable planet is a universal agenda with localised practice. Among richer countries the concept centres on moving away from fossil fuels. But for most of Africa the idea will mean something very different.
Source: African Arguments
Frustration and tentative progress at Macron summit
23/6/2023: No major breakthrough has been achieved at the gathering of world leaders to pursue the idea of a New Global Financial Pact, sponsored by President Macron. Grievances aired by poorer countries at times appeared to dwarf the solutions on offer by the richer.
Source: Devex News
Why low-income nations are cracking under debt pressure
6/6/2023: Debt interest payments for the world’s poorest 28 nations have doubled over the last decade, according to World Bank data. The Bank is calling for creditors from the Group of 20 major economies to offer debt relief to these countries.
Source: Devex
G7 owes huge $13 trillion debt to Global South
17/5/2023: Wealthy Group of Seven countries owe low- and middle-income countries $13.3 trillion in unpaid aid and funding for climate action, according to new analysis from Oxfam ahead of the G7 Summit. Despite failing to pay what they owe, G7 countries and their rich bankers are demanding that Global South countries pay $232 million a day in debt repayments.
Source: Oxfam International
Ukraine war triggers fall in aid for Africa
13/4/2023: Aid budgets spent by wealthy countries on hosting refugees at home and helping Ukraine has soared, while bilateral support to Africa and least-developed countries decreased. Led by Oxfam, NGOs have expressed alarm at preliminary data released by OECD.
Source: Devex