Exclusive: Countries are struggling to manage expensive loans, with much of debt transacted through London
Diplomats from eight southern and east African countries have signed a letter calling on the UK government to support a private member’s bill that aims to speed up debt restructurings, after economic crises meant countries were unable to pay back loans.
Poor countries’ economies have been hit by a series of global events in recent years, including the coronavirus pandemic, which reduced growth; the Russian invasion of Ukraine, which sent inflation soaring; and raised US interest rates, which have pushed up the cost of international loans to often unaffordable levels.
About Author
More Stories
Hong Kong police tell people not to download ‘secessionist’ mobile game
UK and Gibraltar close to post-Brexit agreement on border with Spain
Turkish and Kurdish groups in UK complain of intimidation by Turkey