UN agency calls for debt pause option as poverty rates rise
Geneva, SwitzerlandReuters A United Nations agency urged global finance ministers to give poor countries debt repayment breaks, estimating the COVID-19 pandemic and subsequent surge in inflation and borrowing costs had pushed an extra 165 million people into poverty. The UN Development Programme said the jump meant more than 20 per cent of the world’s population – around […]
Low-income countries to be left behind without action on jobs – ILO
Berlin, GermanyReuters A global employment divide between high-income and low-income countries is worsening as rising debt levels hit developing countries disproportionately, the International Labour Organisation said on Wednesday. It urged nations to offer global financial support on job creation and social protection to help narrow the gap. Job seekers stand outside a construction site ahead […]
Essay: Playing chicken over debt and spending bills
As the US debt ceiling crisis continues, US Catholic commentator THOMAS REESE expresses his hope that US Congress could look seriously at government programs to make them better and more efficient rather than grandstanding for the media and their partisan base…
Zambians struggle with cost of living as debt rework drags on
Lusaka, Zambia Reuters The Comesa market in Zambia’s capital Lusaka appears to be bustling, but traders say business is suffering as a weak local currency pushes up prices, adding to the hardships of a population already struggling with soaring living costs. “The dollar is killing us,” said Ben Mwandila, who sold 15 imported blankets a […]
Pope says pension systems must not weigh on future generations
Vatican CityReuters Pope Francis on Monday said future generations must not be overloaded with the cost of today’s pension systems, in apparent support for reform at a time when the issue is politically explosive in France. Pope Francis presides over the Palm Sunday mass on 2nd April, 2023 at St Peter’s Square in The Vatican. […]
Debt-laden African countries charged “extortionate” rates, UN chief says
Addis Ababa, EthiopiaReuters Heavily indebted African countries are getting a raw deal from the international financial system which charges them “extortionate” interest rates, the UN Secretary-General Antonio Guterres said on Saturday. The United Nations chief wants far-reaching reforms to the structure of international finance to serve the needs of developing countries more efficiently, he told […]
Debt costs overshadow climate finance in small island states – report
London, UKReuters Small developing island states heavily exposed to the effects of climate change and often in critical debt situations spend at least 18 times more on debt servicing than they receive in climate finance, a report showed. The report by the European Network on Debt and Development (Eurodad) said 37 island and coastal countries […]
Homelessness
We have a homelessness epidemic in Australia at the moment. They say many of us are only two failed paycheques, or three interest rate rises away from homelessness. PICTURE: Kylie De Guia/Unsplash How can you protect yourself against homelessness? Watch your debt. Do your best to reduce debt and build savings. Join a community. The […]
Sri Lanka’s President will not resign, despite protests – minister
Colombo, Sri LankaReuters Sri Lankan President Gotabaya Rajapaksa will not resign, a minister said on Wednesday, despite demonstrations against his handling of the country’s worst economic crisis in decades and as doctors held street protests over a shortage of medicine. Rajapaksa, governing the South Asian island nation since 2019 with other family members in top […]
Sri Lankans protest near President’s residence; Catholic bishops call for unity
Colombo, Sri Lanka AP Sri Lanka police fired tear gas and a water canon to disperse several hundred people protesting Thursday near the private residence of the country’s President, demanding his resignation as the Indian Ocean island nation struggles with its worst economic crisis. Protestors demonstrated, shouting slogans condemning the long power cuts and shortages […]