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
Nearly one-third of 2022 UK aid spent on refugees at home
29/3/2023: The UK government gave its Home Office a “blank cheque” to spend on refugees in the country’s fractured asylum system, according to an independent watchdog’s report. This made it impossible for officials to plan an aid strategy, causing major disruption to international development.
Source: Devex
SDG stimulus could unlock $148 billion in debt savings
22/2/2023: 52 low and middle-income developing economies are either in debt distress or at high risk of debt distress, together accounting for more than 40% of the world’s poorest people. A new UN plan proposes to save up to $148 billion in debt service payments through a 30% cut in public external debt.
Source: UN News
Will China help resolve lower-income countries’ debt crisis?
8/2/2023: It is by now clear that many low- and middle-income countries will have to restructure their debt. This situation is quite unlike the debt crisis of the 1980s, now involving a multitude of creditor groups, including China, which is the newest and largest entity, with the least experience of debt relief.
Source: Devex
Is aid from the richest countries really at record high?
11/1/2023: Official development assistance from the world’s largest aid-providing governments totalled $185.9 billion in 2021, the highest on record. A closer look at what counts as aid presents a less rosy picture.
Source: The New Humanitarian
Ten numbers which defined development in 2022
19/12/2022: This year has been a difficult one in the development sector. Need has worsened and budgets have been stretched. Key humanitarian data helps define this challenging year.
Source: Devex
World Bank warns of debt crisis for poorest nations
6/12/2022: International debt repayments have risen to levels not seen in two decades, with about 60% of low-income countries at risk. The rapid increase in loans from China is undermining established mechanisms for debt relief.
Source: Devex
Time is running out for decisions on debt relief
19/10/2022: Senior managers from the UN Development Programme warn of a rapid deterioration of an already damaging debt crisis amongst low income countries. They argue that the international community has the resources to take action.
Source: Inter Press Service
Fifty-four countries need urgent debt relief
11/10/2022: The UN Development Programme has warned that fifty-four developing economies accounting for more than half of the world’s poorest people need urgent debt relief. Rich countries attending the World Bank-IMF Annual Meetings have the resources to end the debt crisis.
Source: UN Development Programme