WASHINGTON, DC: The Executive Boards of the International Monetary Fund (IMF) and the World Bank’s International Development Association (IDA) have approved[1] the Heavily Indebted Poor Countries (HIPC) Initiative Completion Point for Somalia, which provides total debt service savings for the country of US$4.5 billion.[2] Following HIPC Completion Point, Somalia’s external debt has fallen from 64…
Debt relief is just the beginning of real change for Somalia. The country has been suffocating under the huge weight of unsustainable debt for more than three decades. Between 2012 to February 2017, when I led the first internationally recognised government since the collapse of the state in 1991, we realised quickly that we had…
Over the past half century, the world has witnessed significant changes, including a remarkable decline in global extreme poverty and global inequality. The World Bank Group has played a crucial role in this progress through its loans, grants, and guarantees to promote economic growth and development. One constant has remained amidst these changes: the annual…
This method can simplify your payments, potentially lower interest rates, and help you pay off debt faster. However, it requires careful planning and understanding. Here are essential tips for effective debt consolidation. Assess your financial situation Start by thoroughly assessing your current financial situation. List all your debts, including credit card balances, personal loans, and…
WASHINGTON, D.C. U.S. Senators Alex Padilla (D-Calif.), Elizabeth Warren (D-Mass.), Majority Leader Chuck Schumer (D-N.Y.), and Senate Health, Education, Labor and Pensions Committee Chair Bernie Sanders (I-Vt.), along with Representatives Ayanna Pressley (D-Mass.-07), Ilhan Omar (D-Minn.-05), and Frederica Wilson (D-Fla.-24) urged U.S. Secretary of Education Miguel Cardona to leverage his authority under the Higher Education…
The level of debt you can handle is unique to you. Here’s how you can tell if you have too much credit card debt. Getty Images Credit card debt is nothing new for most Americans. In fact, the “vast majority” of adult Americans have at least one credit card in their wallets and borrowers across…
PM outlines measures including lower interest rates, debt suspension and consolidation Prime Minister Srettha Thavisin announces measures to tackle debt problems of 10.3 million people during a press conference at Government House on Tuesday. (Photo: Chanat Katanyu) Prime Minister Srettha Thavisin has announced relief measures, including debt suspension and reduced interest rates, to help resolve…
Introduction Since its inception in July 1944, the International Monetary Fund (IMF) has undergone considerable change as chief steward of the worlds monetary system. Officially charged with managing the global regime of exchange rates and international payments that allows nations to do business with one another, the fund recast itself in a broader, more active…
The IRS is promising its focus on increased tax compliance will help with the nations debt problem. “Achieving our goals will result not only in a fairer tax system,” IRS commissioner Danny Werfel testified before Congress in October, “but also in benefits for taxpayers and the nation because detecting and stopping noncompliance in these areas…
PUBLISHED : 10 Dec 2023 at 18:48 Members of the public attend a debt mediation fair in Nonthaburi province in November last year. (Photo: Pornprom Satrabhaya) More than 82,000 people have signed up to the government’s initiative to help distressed debtors service their obligations to informal lenders since the scheme was launched nine days ago.…