• About Us
  • Contact
Monday, July 14, 2025
No Result
View All Result
NEWSLETTER
The Business Wiz
  • Home
  • Featured News
  • Economic
    • Currency
  • Investment
  • Markets
    • Stock Market
  • Sectors
    • Agriculture
    • Commodities
      • Markets
    • Construction
    • Energy
    • Financial Services
    • Information Technology
    • Infrastructure
    • Manufacturing
    • Markets
    • Mining
    • Real estate
    • Telecomunication
    • Tourism
    • Transportation
  • Home
  • Featured News
  • Economic
    • Currency
  • Investment
  • Markets
    • Stock Market
  • Sectors
    • Agriculture
    • Commodities
      • Markets
    • Construction
    • Energy
    • Financial Services
    • Information Technology
    • Infrastructure
    • Manufacturing
    • Markets
    • Mining
    • Real estate
    • Telecomunication
    • Tourism
    • Transportation
No Result
View All Result
The Business Wiz
No Result
View All Result
Home Economic

Emerging economies face $220 billion in budget cuts amid debt crisis, Oxfam says

by Editor
09/10/2023
in Economic
0
Emerging economies face $220 billion in budget cuts amid debt crisis, Oxfam says
Share on FacebookShare on Twitter

Some of the world’s poorest countries face budget cuts topping $220 billion over the coming five years due to a debt crisis that has pushed dozens to the brink of default, according to an Oxfam International report released on Monday.

Oxfam’s report, released at the start of the IMF-World Bank meetings in Marrakech and drawing on IMF outlooks, also found that on current terms, low- and lower-middle income countries face nearly half a billion dollars a day in interest and debt repayments through 2029.

A record number of developing nations are in debt distress as rising global interest rates, soaring inflation and a series of economic shocks following the COVID-19 pandemic hammer state finances. Ratings agency Fitch said that as of March, there have been 14 separate default events since 2020 across nine different sovereigns.

Oxfam called on the IMF and the World Bank to use the crisis to create a fairer system – rather than focusing on debt restructure and spending cuts.

Some of the world’s poorest countries face budget cuts topping $220 billion over the coming five years due to a debt crisis that has pushed dozens to the brink of default, according to an Oxfam International report released on Monday.

“Their answer to the debt crisis is more austerity, and their answer to the financing gulf is more loans,” Oxfam International interim Executive Director Amitabh Behar said in a statement. “True win-wins, like fairly taxing the rich, are being left on the table.”

The IMF did immediately respond to a request for comment.

Oxfam and other aid and campaign groups have previously called on international creditors to cancel the debts of developing countries facing economic crisis.

The report also said that debt servicing payments for the poorest countries is outstripping healthcare spending by four to one.

Debt reworks for some of the defaulted nations, including Zambia and Ghana, are expected to make progress during in-person meetings in Marrakech, while the IMF will continue conversations with Tunisia, Pakistan, Egypt and other over the terms of proposed bailout loans.

Source: Reuters

Editor

Editor

Next Post
Dar equities market up 49.6% to 1.89bn/- on pre-arranged transactions

Dar equities market up 49.6% to 1.89bn/- on pre-arranged transactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Exchange Rate

Exchange Rate USD: Mon, 14 Jul.

Recommended

World Bank chief calls on China to restructure poor nation debt

World Bank chief calls on China to restructure poor nation debt

2 years ago
KCB takes 77 percent stake in merged Rwanda lender

KCB takes 77 percent stake in merged Rwanda lender

3 years ago

Popular News

    News

    Get latest news from us.


    SUBSCRIBE

    Category

    • Agriculture
    • Aviation
    • Banking
    • Commodities
    • Construction
    • CSR
    • Currency
    • Economic
    • Energy
    • Featured News
    • Financial Services
    • Information Technology
    • Infrastructure
    • Investment
    • Jobs
    • Manufacturing
    • Markets
    • Mining
    • Oil and Gas
    • Others
    • Q&A Interviews
    • Real estate
    • Sectors
    • Telecomunication
    • Tourism
    • Transportation

    About us

    The Business Wiz (TBW) is Tanzania’s premier one-stop online platform providing in-depth, accurate and timely business news, analysis, commentary and online business information portals and research.

    • About Us
    • Contact

    © 2022 The Business Wiz

    No Result
    View All Result
    • Home
    • Featured News
    • Economic
      • Currency
    • Investment
    • Markets
      • Stock Market
    • Sectors
      • Agriculture
      • Commodities
        • Markets
      • Construction
      • Energy
      • Financial Services
      • Information Technology
      • Infrastructure
      • Manufacturing
      • Markets
      • Mining
      • Real estate
      • Telecomunication
      • Tourism
      • Transportation

    © 2022 The Business Wiz

    en English
    ar Arabiczh-CN Chinese (Simplified)en Englishfr Frenchde Germanit Italianru Russianes Spanishsw Swahili