How ‘financial adventurism’ can boost debt-hit nations – OMFIF

The G20 leading economy grouping should adopt more adventurous policies on lending to hard-hit developing nations to help overcome global divergence generated by Covid-19. That was a principal message from the joint National University of Singapore-OMFIF seminar on 26 July onDebt sustainability and the future: Rebooting development finance. Professor Meghnad Desai, chairman of the OMFIF…

Canceling student loan debt will barely boost the economy, but a targeted approach could help certain groups – The Conversation US

At the end of June 2021, 43 million borrowers or about 14% of all adults in the U.S. owed approximately US$1.59 trillion in outstanding federal student loans. Although in many cases the media has focused on borrowers with extremely large balances such as the orthodontist who owes over $1 million in student loans the average…

Lessons from Britain on the balance between monetary and fiscal policy – The Economist

NOWADAYS THE Bank of England, like most rich-country central banks, has two main functions: maintaining monetary stability and ensuring the soundness of the financial system. For most of its life, though, it was also responsible for managing government debt. (Thankfully, the original reason for the banks creation in 1694, to raise money for carrying on…

Urgent Debt Relief Measures Needed to Accelerate Low Income Countries’ Pandemic Recovery – The Organization for World Peace

A stark divide has emerged between the more developed world and the less developed world in the economic recovery from the Covid-19 pandemic. Wealthier nations have secured most of the global vaccine supply and have had the capacity to deliver massive economic stimulus packages. In poorer nations, vaccination rates remain dismally low, and the impact…

City watchdog clamps down on debt firms over advice to vulnerable customers – The Guardian

The City regulator has clamped down on debt firms after finding some were potentially pushing vulnerable customers towards insolvency in order to earn higher fees. The Financial Conduct Authority said some firms appeared to have manipulated peoples income and spending and encouraged them to seek individual voluntary arrangements (IVAs), which can ultimately lead to bankruptcy.…

Biden has canceled $1.5 billion in student loan debt so far. It doesn’t mean broad forgiveness will come soon – CNBC

In early July, the U.S. Education Department under President Joe Biden canceled nearly $56 million in student loan debt for some 1,800 borrowers, bringing the administration’s total to about $1.5 billion erased. While a win for many borrowers, it isn’t a sign that broad-based student loan debt forgiveness will necessarily come anytime soon, experts say.…