Bangkok Post – G20 must commit to debt relief

A photo dated Jan 10, 2024 shows a woman selling items on the streets of Kumasi, Ghana. The World Bank warned in a new report that poor countries will be stuck in economic ‘purgatory’ without debt relief. (Photo: New York Times) As G20 leaders met in Johannesburg last month, they faced a grim reality: many developing-country…

US bars Ghana from aid over sovereign debt defaults

The United States government has barred Ghana from receiving foreign assistance, including development loans and flagship programs such as the Millennium Challenge Corporation (MCC), following the country’s failure to meet debt obligations owed to Washington. The restrictions are set to take effect in the 2026 financial year. A report to the U.S. State Department stated…

LMICs Face Record Debt Outflows

  So, what shifted beneath the surface this year to drive LMICs debt stocks? One major factor was the increase in debt reorganization by LMICs. Such efforts hit their highest level since 2010, with most agreements involving IDA-eligible countries. Reorganizations included restructuring under the Group of Twenty Common Framework, debt swaps, and agreements with private creditors,…