By Marc Jones
LONDON (Reuters) – A new report has called for a radical global effort this year to help vulnerable countries fend off financial meltdown and climate change, including widespread debt relief and even a China-led version of the Brady Bond plan.
The report by the Boston University Global Development Policy Center warned that 62 developing economies, including most of Africa and Oceania, are already in a full-blown debt crisis or in immediate need of restructurings.
Last year’s surge in world interest rates combined with underwhelming post-pandemic economic recoveries and the costs of climate change mean a near record number of countries now spend at least 20% of their government revenues servicing their debt.
That is widely…
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