South Africa approves a funding plan for phasing out coal-based power. However, the hundreds of millions in loans have some citizens worried about supersizing the nation's debt.

South Africa approves a funding plan for phasing down coal power. But the hundreds of millions in loans have some citizens worried about supersizing the nation's debt. African leaders at the COP27 summit look to hold wealthier nations accountable for their emissions.

At the head of a right-wing coalition, far-right Brothers of Italy leader Giorgia Meloni is gearing up to become Italy's new head of government. On the economic front, she'll be faced with rising consumer prices as well as the ongoing issue of national debt.

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.

Group of Seven leaders have unveiled an infrastructure plan meant to bolster the global economy and counter China. But crippling debt owed by poorer countries may get in the way.

While rich countries borrowed at low rates and saved their economies, poorer nations have spent billions servicing debt. The war in Ukraine will only worsen the pressures on core product prices, officials warn.

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.

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.

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.

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.

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.