28.3 C
New York
June 6, 2025
Africa Debt relief G20 Global development news Society World news

West must force private lenders to ease Africa’s crippling debt, say campaigners

Banks and traders have been ‘let off the hook’ by G7 despite being more to blame for the looming crisis than China

Western governments should “compel” private lenders to ease loan repayments from low-income countries to tackle a debt crisis, according to campaigners.

Debt Justice, formerly the Jubilee Debt Campaign, said African governments owe three times more debt to western banks, asset managers and oil traders than they do to China, and are charged double the interest. China has been “mistakenly” blamed by western leaders for the failure to make progress on debt restructuring.

Continue reading…

Related posts

Belize removes Queen Elizabeth’s image on banknotes as ‘step in decolonisation’

TheWorldsNews

Last-minute Taiwan drama and a policing plan: five things we learned at the Pacific Islands Forum

TheWorldsNews

Volodymyr Zelenskiy addresses UN in person for first time since Russia invaded Ukraine – live

TheWorldsNews

Pin It on Pinterest

Share This