Britains small businesses are hobbled by debt, and pressed by the challenges of inflation, Brexit, and a stressed economyand as a result they are failing at record numbers. The Centre for Economics and Business Research expects business insolvencies, which averaged 4100 per quarter in 2019 and reached 6700 in the second quarter of 2023, to…
WASHINGTON The Biden administration said Wednesday that it has cleared the way for another $9 billion in student debt relief for as many as 125,000 borrowers 11,700 of them in Arizona. The savings, which will come through changes to existing debt relief programs, would save Arizona borrowers an estimated $840 million, according to the Education…
US President Joe Biden has announced a new round of federal student loan forgiveness to address the unsustainable debt that borrowers accumulate to complete their college education. This move aims to help 125,000 borrowers by clearing $9bn in debt through existing programmes. Since Biden took office in 2021, a total of 3.6 million borrowers will…
The U.S. should demand that China support debt restructuring for struggling poor and middle-income countries as a condition of changes to the International Monetary Funds shareholding formula, a former senior U.S. Treasury development expert said on Wednesday. Nancy Lee, a former deputy assistant Treasury secretary who works at the Center for Global Development think tank,…
Oregon paraeducator Laura Warren is still reelingwith joy, with astonishment, and with deep relief. Early this year, she learned that a mountain of student debt, nearly $138,000, had been lifted from her shoulders. Warren had borrowed decades earlier from the federal government to help pay for her childrens college education. I paid and I paid…
GENEVA: Current attempts to resolve the debt crisis swamping poor countries do not go anywhere near far enough given the scale and urgency of the situation, the United Nations warned on Wednesday. UN trade and development chief Rebeca Grynspan said the issue should feature prominently at next week’s meetings of the World Bank and the…
By Andrea Shalal and David Lawder WASHINGTON, Oct 4 (Reuters) – The U.S. should demand that China support debt restructuring for struggling poor and middle-income countries as a condition of changes to the International Monetary Fund’s shareholding formula, a former senior U.S. Treasury development expert said on Wednesday. Nancy Lee, a former deputy assistant Treasury…
VIENTIANE, Oct. 5 (Xinhua) — Laos’ Ministry of Finance, in partnership with the Asian Development Bank (ADB) held a high-level policy dialogue on good practices for enhancing public debt management in the Southeast Asian country, from Wednesday to Thursday in Lao capital Vientiane. The two-day event is planned to discuss the interconnections between public debt…
WASHINGTON, Oct 4 (Reuters) – The U.S. should demand that China support debt restructuring for struggling poor and middle-income countries as a condition of changes to the International Monetary Fund’s shareholding formula, a former senior U.S. Treasury development expert said on Wednesday. Nancy Lee, a former deputy assistant Treasury secretary who works at the Center…
The White House Roosevelt Room 1:16 P.M. EDT THE PRESIDENT: Good afternoon. Before I speak about student debt relief, I want to make take a minute to talk about what took place yesterday in the Congress. I’ll be very brief. The House will now reorganize and select a new Speaker. I know it’s going to…