Defusing Debt - Creating Comprehensive Solutions

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Defusing Debt - Creating Comprehensive Solutions

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Richard Dwumfour

The issues of debt and debt sustainability for developing countries in particular have been of much concern by many especially development organizations like the World Bank and developed countries alike. With the reduction in aid, debt is the obvious alternative for developing countries. The upwarddebt trajectory is not surprising as the faith of developing countries seem to have been left in 'limbo'. Considering global inequality with no urgent hope of convergence for these countries, there is pressure on these countries to develop to catch up. Given their already disadvantaged position-investors most of whom are in developed countries- are cashing in on the perceived high risk of developing countries and charging very high interest rates on bonds. These private equity funds and the faceless investors are leaving developing countries with no hope as the developed countries look on. If we are in the same 'boat' and the instability in a developing country affects the global ecosystem, then a restructuring of these debts are needed to move from the private markets to more innovative options by development corporations like the World Bank, IMF, AFDB,AFREXIMBANK, ADB and the like. At least, with these there would be some moral obligations attached to these contracts considering the country and continental challenges. Imagine the kind of debt repayament negotiations that would have happened during this COVID-19 period if less of the debts of these developing countries were not in private hands. #Debt4Dev
Tue, 10/06/2020 - 11:56
Maw Maw Soe

How overcome debt cycle against economic crisis in poor countries?
Tue, 10/06/2020 - 11:57
Chibuike

Is there hope for countries heavily indebted to China?Any contingent plans by World Bank to give aids to countries heavily exposed to China?.
Tue, 10/06/2020 - 11:57
How will WB help Africa achieve a common market?

In my view, poverty and job creation through increased industrialization holds the key for Africa.
Tue, 10/06/2020 - 11:57
Kennedy Adalo

This calls for collective bargaining from the citizens and the Government to reduce the aderverse effects of debt burden
Tue, 10/06/2020 - 11:57

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