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Evolution of the external debt of developing countries between 2000 and 2019

Evolution of the external debt of developing countries between 2000 and 2019
Part 1
An update of the three part series “A new trap of indebtedness of the South to the North” published in September-October 2020.
At the end of the 1990s and the early years of the new millennium, developing countries (DC) were emerging from an unprecedented debt crisis, the “lost decades of development”, which had started in 1982 with Mexico defaulting. Between 1980 and 1999 there had been at least 280 debt restructuring operations.
At the time, faced with the sheer size of the crisis and popular pressure, creditors launched emergency financing or debt relief initiatives. Since 1982, those measures have essentially guaranteed the debt would still be paid for creditors not to be affected by a general suspension of debt payment as had happened in the 1930s.

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What are the challenges of World Social Forum 2021 in relation to the global situation?

What are the challenges of World Social Forum 2021 in relation to the global situation?
18 January
by
Contents
The challenges of the World Social Forum 2021 are high. In a deep contradictory world situation, it must make it possible to: redefine an alterglobalist proposal corresponding to the new situation; understand the new contradictions of the world system; start from the movements to resist, define the alternatives, build a new emancipation project.
Taking into account a contradictory world situation
The shock of the pandemic and the climate exacerbated the turmoil of the financial and political crisis of 2008, which had resulted in an evolution that combines austerity and authoritarianism evolution of the neo-liberalism. The economic and financial, social, ecological, democratic, ideological and geopolitical contradictions are reaching a historically unknown degree.

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Experts raise doubts on data behind China growth story

Experts raise doubts on data behind China growth story
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Planting budgetary time bombs in Africa: the Macron Doctrine En Marche

The Macron Doctrine, or the Paris Consensus, pledges to reverse those trends. To fight back against the ills of the financialised economy, Macron offers a three-pillar solution: more Europe, a true Europe-Africa partnership, and coalitions with governments and non-governmental players. Indeed, the Macron Doctrine is notionally post-colonial. It calls for re-inventing the ‘Afro-European Axis’ and puts the onus on Europeans to ‘show that this universalism we uphold is not universalism of the dominant, as it was during colonisation, but one of friends and partners’. If the Macron Doctrine for Europe is to make it ‘the leading power in education, health, digital and green policies’ with massive investments, by extension it promises a post-financialisation, post-colonial partnership with Africa.

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World Bank: Investigate Cambodia's Micro-Loans

World Bank: Investigate Cambodia’s Micro-Loans
Coerced Land Sales Linked to Predatory Lending
5 January
by
Human Rights Watch
The World Bank Group should investigate alleged coerced land sales and other rights abuses linked to predatory lending and over-indebtedness in the micro-loan sector, Human Rights Watch said today. These longstanding problems have worsened during the economic crisis resulting from the Covid-19 pandemic.
An external report in March 2020, the Microfinance Index of Market Outreach and Saturation (MIMOSA), based on data provided by the World Bank
World Bank
“
International donors to Cambodia’s micro-loan sector should not be feeding a system that is abusing the rights of highly indebted borrowers struggling during a public health and economic crisis,” said Phil Robertson, deputy Asia director at Human Rights Watch. “

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The First Decade of the Arab Revolutionary Process

The First Decade of the Arab Revolutionary Process
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G20 debt proposal continues to favour creditors

G20 debt proposal continues to favour creditors
14 December 2020
by
Framework relies on much-critiqued IMF and World Bank debt sustainability analysis
Debtor countries must agree to IMF treatment as condition of debt relief
Contents
to stand behind them in their hour of greatest need,” the world’s poorest countries had “received only about a fraction of what they need in debt relief.” Brown was speaking at the launch event for a proposal for
Debt Relief for a Green and Inclusive Recovery written for policymakers by a group of economists, including Kevin Gallagher and Stephany Griffith-Jones.
As the global debt crisis exacerbated by the pandemic deepens, the response from the G20 and international financial institutions, dominated by wealthy, creditor countries, risks wreaking further havoc on the economies of countries in debt distress. As well as directly hampering health and other vital public spending during the pandemic, debt repayments look set to undermine any hopes of a just recovery, especially for countries that have already experienced severe social spending cuts from servicing debt prior to the pandemic.

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