World’s poorest countries to slash public spending by more than $220 billion in face of crushing debt
Written by Black Hot Fire Network on October 10, 2023
More than half (57 percent) of the world’s poorest countries, home to 2.4 billion people, are having to cut public spending by a combined $229 billion over the next five years, reveals new analysis by Oxfam today ahead of the World Bank and International Monetary Fund (IMF) Annual Meetings in Marrakech.
On current terms, low- and lower-middle income countries will be forced to pay nearly half a billion dollars every day in interest and debt repayments between now and 2029. Entire countries are facing bankruptcy, with . . .
