Topic: Finance and debt
North ignores ‘perfect storm’ in global South
Blog / 22nd February 2024A gathering ‘perfect storm’ now threatens much devastation in the global South, likely to most hurt the poorest and most vulnerable, writes Jomo Kwame Sundaram.
Onerous debt making poorest poorer
Blog / 2nd February 2024Contractionary economic trends since 2008 and ‘geopolitical’ conflicts subverting international cooperation have worsened world conditions, leaving their poorest worse off, writes Jomo Kwame Sundaram.
At COP28, it’s time to transform the global financial architecture
Blog / 11th December 2023The global finance system is giving fossil fuels a lifeline, indebting vulnerable countries and delaying a just energy transition, writes Bronwen Tucker and Shereen Talaat for Oil Change International.
New push for debt relief to help developing world fund climate action
News / 1st December 2023The world’s poorest countries are paying more than 12 times as much to their creditors as they are spending on measures to tackle the impact of global heating, a campaign group has warned.
Put the UN in charge of international taxation
Blog / 22nd November 2023Almost a decade of multilateral negotiations on a global tax treaty at the OECD has yielded insufficient progress. The question to be decided this week is whether the United States and the European Union will see the light and support a different approach.
Marrakesh declaration to end austerity
Article / 13th October 2023More than 300 civil society organisations call upon governments, Ministries of Finance and International Financial Institutions to #EndAusterity and implement financing alternatives at the annual meetings of the World Bank and IMF in Marrakesh.
Faced with crushing debts, world’s poorest nations to slash public spending by over 229 billion dollars
Blog / 12th October 2023The World Bank and the International Monetary Fund are returning to Africa, for the first time in decades, with the “same old failed message”.
African countries grapple with 50 years of IMF austerity
Report / 12th October 2023ActionAid's latest report, 'Fifty Years of Failure: the IMF, Debt, and Austerity in Africa,' sheds light on the ongoing challenges African countries face due to the International Monetary Fund's (IMF) austerity policies, writes Winston Mwale.
Global South countries need a new legal framework for debt relief
Article / 29th August 2023Global South countries need a forum where they can collaborate to solve urgent problems on debt rather than begging the IMF and G20 for relief, writes Ramya Vijaya and Pooja Rangaprasad.
Forcing poor nations to prioritise debt payments over social investments is a 'disaster,' says UN chief
News / 19th July 2023United Nations Secretary-General António Guterres has warned that "half our world is sinking into a development disaster, fueled by a crushing debt crisis," and called for urgent fiscal relief.