In a file photo, Cardinal Philippe Nakellentuba Oudraogo of Ouagadougou, Burkina Faso waves as he leaves St. Peter’s Basilica after a consistory at which he was made a cardinal by Pope Francis at the Vatican Feb. 22, 2014. (Credit: Paul Haring/CNS.) ROME Cardinal Philippe Oudraogo, who is now recovered after contracting the coronavirus, has issued…
Even before the outbreak of Covid-19, the level of global debt was high by historic standards. According to the Institute of International Finance, by late 2019 global debt (including private and public debt) was more than US$250 trillion. Public debt, in particular, has increased everywhere since the global financial crisis of 2008. International Monetary Fund…
If you think you’re in line for a refund as a result of the failed Robodebt scheme, The Government says you don’t need to do anything right now. Yesterday, the Government announced it will be giving $721 million back to people who paid Centrelink debts they may never have owed. About 373,000 people are affected,…
Plans for debt relief for the world’s poorest countries inched forward on Thursday as private creditors laid out a blueprint for their involvement, though it received immediate criticism for not going far enough. The proposal shepherded by the Institute of International Finance (IIF) said creditors would grant debt breaks on a case-by-case and voluntary basis…
Plans for debt relief for the world’s poorest countries inched forward on Thursday as private creditors laid out a blueprint for their involvement, though it received immediate criticism for not going far enough. The proposal shepherded by the Institute of International Finance (IIF) said creditors would grant debt breaks on a case-by-case and voluntary basis…
LONDON Private sector creditors on Thursday laid out a toolkit they said would pave the way for poor countries side-swiped by the new coronavirus to get debt relief this year. The group has been working with the Washington-based Institute of International Finance (IIF) after the G20 economies called on the private sector to match their…
1. What are special government bonds? Unlike regular government debt, special bonds raise cash for a certain policy or to help solve a particular problem. They are not part of Chinas official budget and thus not included in deficit calculations. At more than 3.6% of gross domestic product, the 2020 deficit target is already higher…
1. Whats the problem? Emerging markets owe more than $8.4 trillion in foreign-currency debt, or about 30% of the developing worlds gross domestic product. At least $730 billion is coming due through the rest of this year, as many of these nations see the worst of the virus, which will severely tax health systems. The…
Before the coronavirus pandemic, financial advisors typically recommended people prioritize debt payoff first and foremost. But now that over 36 million Americans are unemployed, the focus has shifted to savings. It is very important to have an emergency savings account. And while experts advise you stash anywhere from three to six months’ worth of expenses…
Barnaby Joyce has suggested any employer who wants government to borrow more to help during the COVID-19 crisis must also accept increased taxes. The Member for New England, speaking in Tamworth on Monday, said business should be “prepared to pay the taxes to pay it back”. “Sure you’re happy for us to borrow more debt…