Antnio Guterres, the UN secretary-general, is right to sound the alarm, warning of a coming debt crisis for countries in the global south (Developing world faces looming debt crisis, Report, March 29). My country, Zambia, was one of the first to default on foreign debt payments last year. However, this debt crisis did not just…
Some advocates of the newly-enacted debt relief provisions for minority farmers have called it a form of reparations. But House Agriculture Committee Chairman David Scott, who is African American, strenuously objects to that characterization. He says the $4 billion just makes up for the fact that white farmers primarily benefitted from the billions of dollars…
Washington Bold new mechanisms are urgently needed to help low- and middle-income countries address crippling debt, sharply worsened by the COVID-19 pandemic, threatening vital investment to tackle poverty and climate change for years to come, the United Nations Development Programme (UNDP) says in a new report. The study, published today, echoes a call by the…
Washington Bold new mechanisms are urgently needed to help low- and middle-income countries address crippling debt, sharply worsened by the COVID-19 pandemic, threatening vital investment to tackle poverty and climate change for years to come, the United Nations Development Programme (UNDP) says in a new report. The study, published today, echoes a call by the…
Student loan startups are seeing tailwinds of new investment and new customers as the U.S. faces a continued student loan debt crisis. Subscribe to the Crunchbase Daily The Federal Reserve estimates $1.7 trillion in U.S. student loan debt. Students, on average, graduate with $29,000 of private and federal loan debt and default on their loans…
The Education Department (ED) is halting interest and debt collection on about 1.14 million defaulted loans in the Federal Family Education Loan Program (FFELP). At a time when many student loan borrowers have faced economic uncertainty, were ensuring that relief already provided to borrowers of loans held by the Department is available to more borrowers…
Though significant steps have been taken to preventdebt crises across the world sparked by the COVID-19 crisis,they have not been sufficientto restore economic stabilityinmany developing countries, according to a policy brief issued by the UN Secretary-General on Monday. More than a year into the pandemic, the fiscal impacts of the crisis are triggering debt distress…
Big Cheese Photo / Getty Images If you’re lost in a mire of debt, a credit counselor can help. There are many routes to debt problems. You may have lost your job and been swamped with bills, or you may be stuck with credit card balances that aren’t going down. Perhaps you want to tackle…
UN Secretary-General Antonio Guterres called Monday for greater debt relief and new creative financing to help poorer nations deal with the pandemic and prevent their economic recoveries from falling behind. A “new debt mechanism” to provide more options — including debt swaps, buy-backs and cancellations — is needed, he said, as many nations have been…
When Dominic Raab, the foreign secretary, was in Sudan in January he offered 40m in aid to help its poorest people, who are facing unprecedented food scarcity in a debt-laden country where austerity is deepening. Sudan, ruled by an unelected military-led transitional government after longtime ruler Omar al-Bashir was deposed in 2019, owes the UK…