Wealthy Group of Seven (G7) countries owe low- and middle-income countries $13.3 trillion in unpaid aid and funding for climate action, reveals new analysis from Oxfam ahead of the G7 Summit in Hiroshima, Japan.
Despite failing to pay what they owe, G7 countries and their rich bankers are demanding that Global South countries pay $232 million a day in debt repayments through 2028. This money could otherwise be spent on healthcare, education, gender equality and social protection, as well as addressing the impacts of climate change.
G7 owes huge $13 trillion debt to Global South | Oxfam International
As governments converge on Washington for the International Monetary Fund (IMF)-World Bank spring meeting, they are confronted with the daunting prospect that 2023 might be the year that the world will be hit by a developing country debt crisis much like that which took place in the early 1980’s that led to the infamous lost decade in Latin America and Africa. A number of defaults on debt repayments over the last three years have served as the alarm bells for a possibly even bigger implosion.
Read the article by Walden Bello
The Global South is enduring its worst debt crisis in decades. Unless there is immediate relief, any progress made on tackling extreme poverty risks being wiped out.
Read the paper by Grace Blakeley
An overview of different articles on the current situation in the South, different eminent authors:
We may disagree with some arguments in this OECD/Development matters article, but yes, the debt problem needs an urgent solution! And poor countries do indeed need a new start!