Poor countries call for debt revolution at UN summit

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DOHA: Worn down by growing debt and a barrage of crises, leaders of the world's poorest countries have stepped up calls for the rules governing handouts of billions of dollars to be rewritten. Western nations gave out more than US$185 billion in grants and cheap loans in 2021, according to the OECD. Offici

DOHA: Worn down by growing debt and a barrage of crises, leaders of the world's poorest countries have stepped up calls for the rules governing handouts of billions of dollars to be rewritten.

Five decades after the LDC club was set up by the UN to organise trade privileges and easier access to other finance, presidents and prime ministers said their problems have piled up. "One size does not fit all," he said calling for a system that recognises that different countries have different problems.

Ahead of the summit, the UN Development Programme estimated that 52 countries were either suffering debt stress or close to it and in danger of default. China is now the biggest single creditor nation, often seen as rivalling western influence, but has recently indicated a willingness to work with the IMF and other institutions to organise debt relief.

 

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