Topic: Finance and debt
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.
165 million people fell into poverty in 3 years of crisis
News / 19th July 2023The Covid-19 pandemic, the cost-of-living crisis and the war in Ukraine have pushed 165 million people into poverty since 2020, reports the United Nations, calling for a pause in debt repayments for developing countries.
‘Crushing’ debt crisis spells development disaster for billions
News / 13th July 2023Half of humanity lives in countries that are forced to spend more on servicing their debt than on health and education, which is nothing less than a development disaster, UN Secretary-General Antonio Guterres said.