^{Sources: International Country Risk Guide (ICRG); WDI Database (World Bank).}

^{A. Bars show group medians ICRG’s index of Control of Corruption. The sample includes 36 advanced economies and 97 EMDEs, of which 17 are low-income countries (LICs).}

^{B. 2013-23 averages. The quality of transport infrastructure reflects perceptions of the quality of trade and transport-related infrastructure. The logistics performance index reflects perceptions of the overall quality of logistics. The sample includes 34 advanced economies and 100 EMDEs, of which 19 are…}

Millions of dollars of medical debt could be erased within the next several months for some residents in LA County thanks to a new program.

The county’s medical debt relief pilot program launched late Monday afternoon and began the first step in a battle against $2.9 billion of medical debt plaguing low-income Angelenos across the city. Unlike previous debt relief programs, Angelenos are unable to apply directly.  

Instead, the Los Angeles Public Health Department has teamed up with nonprofit Undue Medical Debt to selectively pay off debts through participating hospitals who own it. Selected debts will then be purchased for pennies on the dollar and closed. 

Residents who are selected will begin receiving…

COLOMBO (News 1st); A joint mission from the International Monetary Fund and the World Bank has proposed important reforms to improve Sri Lanka’s public debt management.

The mission, which visited Colombo in early 2023, identified several gaps in the country’s current system.

The recommendations include:

The mission recommended introducing a new public debt management law, which would establish the Debt Management Office and define its mandate. The new public debt management law would define the governance and accountability framework for the public debt management from Parliament, who would delegate to the Ministry of Finance the authority to borrow and issue guarantees on behalf of the state.

The mission considered two options for…

Detroit’s public school district is standing at a critical crossroads, grappling with decades of financial mismanagement and an uncertain path forward. The Detroit Public Schools Community District (DPSCD) is considering legal action against the state of Michigan to ensure the revenue from its 18-mill operating millage can be used to pay off all of its remaining debt—a significant burden the district incurred under state control. At the heart of this fight is the future of Detroit’s schoolchildren and the families that have long borne the brunt of disinvestment and mismanagement.

Superintendent Nikolai Vitti didn’t mince words at Tuesday’s school board meeting. He shared that the Michigan Department…

New funding has been awarded to advise people in Argyll and Bute struggling with Council Tax debt.

The Scottish Government has awarded £400,000 to Citizens Advice Scotland to build

on pilot schemes last year.

And Argyll & Bute is one of six new areas to be included, together with West Lothian, East Lothian, Dumfries & Galloway, Highland and East Renfrewshire.

The pilot bureaux gave targeted advice on Council Tax debt as well as wider support and also worked with councils to support best practice in Council Tax debt collection.

The additional funding was announced by Housing Minister Paul McLennan on a visit to West Lothian Citizen’s Advice Bureau, in Livingston, which will use the funding to provide more adviser hours and…

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The number of UK companies going bust increased last month, official data shows, as experts warned that more businesses face a “perilous financial position” as they remain weighed down by debts.

Official data from the Insolvency Service showed that the number of registered company insolvencies in England Wales totalled 1,966 in November.

This was 13% higher than the 1,743 reported in October, with nearly all types of company insolvency increasing.

This included an 8% month-on-month increase in the number of creditors’ voluntary liquidations (CVLs), at…

Calling for significant improvements with respect to the area of CoCs, Rao said even when the resolution plan is agreed upon, there have been instances of non-participation in the CoC meetings and a lack of effective engagement, coordination or information exchange among the members.

According to him, nominees of financial creditors in CoC are entrusted with responsibilities that far exceed their actual authority.

“It is in the larger interest of the creditors that issues related to the conduct are addressed by the members themselves without waiting for the regulatory prescription,” he said, adding when incentives are not perfectly aligned, deviations from best practices become the norm, he said, adding that “we need an enforceable code…