The CARES Act provided important temporary relief for student loan borrowers, permitting many with federally held debt to skip payments for 6 months, with borrowers generally given credit towards forgiveness for those payments. The legislation halted collections, though a significant number of borrowers were excluded.[1] However, given the severity of the COVID-19 economic impacts, and…
Video PlayerClose NAIROBI, June 3 (Xinhua) — Countries that form the Organization of the African, Caribbean and Pacific States on Wednesday called on developed countries to lift sanctions on its members and provide more debt relief to enhance fight against COVID-19 pandemic. Kenyan President Uhuru Kenyatta in his capacity as the organization’s President-in-Office, cited the…
Stella Nyanzi, a Ugandan activist and government critic, is arrested by police officers during a protest demanding more food distribution during a nationwide Covid-19 lockdown. (Sumy Sadurni / AFP via Getty Images) Thank you for signing up. For more from The Nation, check out our latest issue. Subscribe now for as little as $2 a…
Need to know The people who spoke to us about their long-term credit card debt reveal the financial and emotional toll this debt can take No- or low-interest balance transfer offers often leave people with more debt than they started with CHOICE is calling on the banks to offer a six-month payment deferral on all…
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…