Saudi Minister of Finance Mohammed al-Jadaan wears a protective mask as he attends a virtual meeting of G20 finance ministers and central bank governors in Riyadh, Saudi Arabia July 18, 2020. G20 Saudi Arabia/Handout via REUTERS As the pandemic-induced global recession continues to batter African economies, the Group of Twenty (G20) governments have sidestepped the…
By Sinead Cruise, Iain Withers 8 Min Read LONDON (Reuters) – One morning, after years of financial prudence and solid creditworthiness, you wake up and its all gone. Youre no longer worthy. Youre a risk. In fact, youre sub-prime. FILE PHOTO: People wearing protective face masks walk past a boarded up public house in Hackney,…
Prime Minister Mia Amor Mottley has joined the call for debt relief to be extended beyond the poorest countries to middle-income countries. Speaking at the virtual launch of the ‘Debt Relief for Green Recovery’ Report, Mottley stated that middle-income countries were making sacrifices every day in choosing sustainability and resilience over the cheap and easy…
A teller counts and arranges dollar notes at a bank in Huaibei, Anhui province. [Photo/Sipa] China will continue to support the Group of 20’s debt treatment framework for low-income countries, helping them ease potential solvency risks and promote post-pandemic economic recovery, Finance Minister Liu Kun said in a recent statement. The message showed the Chinese…
Victims of the Federal Government’s controversial Robodebt system are welcoming a settlement that includes $112 million in compensation. Key points: The Federal Government made a late settlement before the trial began The class action’s lead plaintiff, Katherine Prygodicz, said the settlement was a “relief” The deal now needs the approval of the Federal Court A…
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Got a question for Craig?Submit one here. Question: I have slowly seemed to accumulate a lot of debt home loan, car loan and two credit cards. I now want to pay them down in the fastest way possible. Should I also consolidate these debts? The level of our debts is really starting to worry me.…
During the 2020 presidential campaign, Joe Biden promised to forgive a large chunk of the country’s outstanding student loan debt. Leah Millis | Reuters Even before the pandemic cost Adam Anderson his job, repaying his student loans was a challenge. He owes more than $60,000. He earned around $50,000 a year as a physical therapy…
Related Topics image copyrightGetty Imagesimage captionThe pandemic has aggravated pre-existing financial pressures Zambia is on the brink of defaulting on its foreign debt after it missed a payment of more than $40m (30m) last month. A so-called grace period will expire on Friday, which would make it Africa’s first country to default on sovereign debt…
By Lucy MartinBBC News, Singapore image copyrightGetty Images Would you pay money or even go into debt to get a job? For many migrant workers in Singapore, it’s common practice to pay a fee or incur a debt for the chance to secure work in the city-state. There are more than 350,000 foreigners working in…