Emerging economies face $220 billion in budget cuts amid debt crisis -Oxfam
© Reuters. FILE PHOTO: A woman uses a money wire service at a supermarket in Belize City, Belize June 22, 2016. To match special report USA-BANKING/CARIBBEAN. REUTERS/Jose Cabezas/File PhotoLONDON - Some of the world's poorest countries face budget cuts topping $220 billion over the coming five years due to a debt crisis that has pushed dozens to the brink of default, according to an Oxfam International report released on Monday.
A record number of developing nations are in debt distress as rising global interest rates, soaring inflation and a series of economic shocks following the COVID-19 pandemic hammer state finances. Ratings agency Fitch said that as of March, there have been 14 separate default events since 2020 across nine different sovereigns.
"Their answer to the debt crisis is more austerity, and their answer to the financing gulf is more loans," Oxfam International interim Executive Director Amitabh Behar said in a statement."True win-wins, like fairly taxing the rich, are being left on the table."Oxfam and other aid and campaign groups have previously called on international creditors to cancel the debts of developing countries facing economic crisis.
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