Back in July 2005, the G8 summit at the Gleneagles hotel in Scotland announced a package of aid and debt relief for the worlds poorest countries. The event marked the high point of international development cooperation and was supposed to put the finances of low-income nations on a permanent sustainable footing.
For a while, optimism seemed well founded. Public debt for those countries that qualified for help dropped from an average of 100% of their annual income in the early 2000s to just over 30% by 2013 freeing up resources to spend on health, education and infrastructure projects.
Now warning signs are flashing that another debt crisis is approaching, with concerns being raised not only by development campaign groups but by the Int…
Read the full article at: https://www.theguardian.com/business/2019/apr/28/g20-must-heed-global-debt-warnings-to-stave-off-another-crisis