Friday, 7th October 2022
<To guardian.ng
Search

Hidden debt a concern for developing nations

By DW
23 September 2022   |   11:24 am
World Bank Group President David Malpass warns that developing countries in particular are facing a large pile of debt as they struggle to leave the coronavirus crisis and recession behind.

Related

23 Jun 2021
Argentina breathes a sigh of relief after the country reached a deal with the Paris Club of international creditors to extend the repayment period for the bulk of its $2.4 billion worth of debt. Without the agreement, the country would have defaulted at the end of July. Plus, Morgan Stanley is reportedly planning to bar unvaccinated staff and clients from entering its offices in New York starting next month and to lift some Covid-19 restrictions in return.
4 Jul 2021
IMF and US officials praised the Sudanese civlian government's economic reforms. The African country is now on track to paying off most of its massive debt over the next few years.
17 Aug 2021
Barcelona, Spain, Aug 16 (EFE).- FC Barcelona has debts totaling 1.35 billion euros ($1.6bn) and its economic situation is “worrying,” the club’s president Joan Laporta confirmed Monday, a week after the Catalan giants had to let go of star player Lionel Messi due to financial woes.
9 Sep 2021
US Treasury Secretary Janet Yellen has warned the US government will run out of money next month. She called on Congress to raise the debt limit in a letter to House Speaker Nancy Pelosi.
10 Oct 2021
Congressional Republicans' refusal to vote alongside Democrats to raise the debt ceiling is "reckless and dangerous," US President Joe Biden says in a speech from the White House.
13 Dec 2021
Shares in Evergrande tumbled as much as 19 percent on Monday in Hong Kong, after the Chinese property developer warned it might not have enough funds to repay its debt, prompting authorities to summon its chairman. A grace period expires on Monday for a coupon repayment worth over $82 million, pushing the company to the verge of default once again. Evergrande has already made three 11th-hour repayments in the past two months.
9 Dec 2021
The Chinese property giant Evergrande has missed a key debt deadline and is inching closer to a possible restructuring. Financial Analyst Danni Hewson explains why the meltdown isn't sparking turmoil on global stock markets. Also in the show: the Carbon Disclosure Project releases its 2021 ranking of sustainable business practices.
12 Dec 2021
Shares in the Chinese property company Kaisa have been suspended from trading in Hong Kong, as fears mount that the firm may be unable to make a $400 million debt payment due on Thursday. Kaisa is a much smaller player than the troubled giant Evergrande, but also has high levels of foreign debt. Also today, we look at how the United Arab Emirates has changed its working week to Monday-Friday to align with other international business hubs.
15 Dec 2021
Debt levels have increased as more sub-Saharan countries look towards borrowing. Zambia's debt now equals its total GDP, while Kenya may be speeding towards its own financial crisis.
16 Dec 2021
Lawmakers in the United States have voted to raise the government's borrowing limit by $2.5 trillion, narrowly avoiding a catastrophic default. The Senate passed the measure 50-49. The new debt ceiling will give the US government enough space to borrow until 2023, after the midterm elections. Focus in Washington will now return to whether President Joe Biden can get his $1.75 trillion social spending plan, "Build Back Better", passed by the end of the year.
22 Dec 2021
The International Monetary Fund's executive board has approved the extension of $115 million in debt relief to 25 eligible low-income countries from January 11 to April 13 next year in an effort to help them ride out pandemic-induced headwinds.
6 Feb
The Federal Government has blamed delays in completing some major projects, including railways, on the paucity of funds. Minister for Transportation, Rotimi Amaechi, in this exclusive with Guardian TV spoke on the delay in the execution and completion of all railway projects. He also gave insight into the kind of leader he would want to succeed President Muhammadu Buhari in 2023 as well as the reasons for the increasing insecurity in the South-South.