DEVELOPING COUNTRIES FACE CATASTROPHIC DEBT CRISIS

The UK Parliament’s International Development Select Committee has called for legislation to require lenders to cancel debt instead of profiteering from the poorest countries on earth which are facing a debt crisis . According to their report, the current debt distress of developing countries is ‘bleak’ and without sustained and effective intervention by the international community to tackle this situation, the development impacts of spiralling debt could have a ‘catastrophic’ impact.

The current economic crisis and high-interest rates faced by nations around the world means that 54 of the world’s poorest countries are impacted with speculators currently being able to make more than 200% profit on debts. I urged the Leader of the House to ensure the UK Government implemented the recommendations of the International Development Select Committee report to mitigate the suffering of developing countries.

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