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The Latest Breaking News from Developing Countries

Nations where 3.3bn live spend more on debt than health, schools

Almost half of humanity lives in countries that spend more servicing interest on debt than health or education, UN says.

Al Jazeera

Half of our world is sinking into a debt crisis: UN chief's stark warning

NEW DELHI: Some 3.3 billion people – almost half of humanity – live in countries that spend more on debt interest payments than on education or health, said UN secretary general Antonio Guterres on Wednesday after launching a UN report which revealed that in 2022, global public debt reached a…

The Times of India

How holidaying in developing countries affects local inequality

A few years ago, one of us (Alex) went for a vacation to the Dominican Republic. The motivation was similar to millions of other tourists every year: escape the daily routine, enjoy the sun and beaches, and gather some strength to face another cold winter.

The Conversation

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Leaked memo sets out ‘huge challenge’ to meet £11.6bn climate pledge

But the Government said it remains committed to meeting its vow on climate finance for developing countries.

The Independent UK

Is a global debt bomb about to explode?

The majority of low-income nations are on the cusp of a debt crisis, sparking fears of global contagion.

Al Jazeera

A stocktake before the Global Stocktake

The Bonn Climate Change Conference showed that countries are far from making collective progress in tackling climate change

The Hindu

UK aid should not fund private hospitals in developing countries, says Oxfam

Development charity says patients denied treatment or held hostage until fees paid in private facilities in India and Kenya

The Guardian - UK

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India and U.S. to discuss GSP restoration issue to find solution, says Piyush Goyal

India and the U.S. have agreed to discuss New Delhi’s demand for restoration of GSP benefits to domestic exporters and now both sides will commence discussions to find a solution, Commerce and Industry Minister Piyush Goyal said on June 23. The previous Trump administration in the U.S. revoked the Generalized…

The Hindu

The Paris summit on finance and climate comes to an end. Time for concrete steps?

The aim of a two-day climate and finance summit in Paris was to set up concrete measures to help poor and developing countries better tackle issues like poverty and climate change

The Independent UK

Climate finance summit under pressure to overhaul 'punitive' global system

A global summit seeking to overhaul the international financial system wraps up Friday after taking small steps towards easing the debt burden of developing nations weighed down by climate and economic crises.

Radio France Internationale

World Bank offers developing countries debt pauses if hit by climate crisis

Move at Paris summit on global finance will only apply to repayments on new loans

The Guardian - UK

Macron opens Paris summit to help developing nations face climate crisis

Heads of state, finance leaders and activists from around the world are converging in Paris to attend a summit which aims to overhaul the world's development banks and help developing countries face the challenges of a warmer and stormier world.

Radio France Internationale

Paris summit aims to overhaul global financial system for 'climate solidarity' with South

Around 50 heads of state, along with representatives from international institutions and civil society, will attend a summit hosted by French President Emmanuel Macron on Thursday and Friday in Paris. Their objective is to develop a new global financial system so the most vulnerable countries will be better equipped to…

France 24

Paris hosts summit to secure debt relief and climate cash for developing countries

On 22 and 23 June, Paris is hosting a summit for a “New Global Financing Pact” at the Palais Brogniart. Heads of state, international organisations and representatives of civil society will be gathering to discuss ways to boost solidarity toward the Global South. The aim is also to contribute to…

The Conversation

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The Guardian - UK

Are debt-for-nature swaps the way forward for conservation?

Agreements to reduce developing countries’ debt burden in exchange for spending on nature will be on the agenda at a finance summit in Paris this week

The Hindu

A summit with substance

Macron’s finance summit must outline the pathway to real investment

The Hindu

Months after President Biden, PM Modi calls for G-20 membership for African Union

In January, India hosted the Voice of the Global South Summit with an aim to highlight the problems and challenges facing developing countries.

The Independent UK

UN steps up criticism of IMF and World Bank, the other pillars of the post-World War II global order

From the ashes of World War II, three institutions were created as linchpins of a new global order

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Radio France Internationale

UN climate talks in Bonn end in stalemate as poorer countries plead for action

Ten days of climate talks wrapped up in Bonn, Germany, on Thursday with negotiators unable to agree on key issues ahead of the Cop28 summit in December. Developing countries that are especially vulnerable to climate change say richer ones are failing to deliver the funding they need to weather the…

The Independent UK

Japan emperor says ties with developing nations key to tackling global challenges

Japanese Emperor Naruhito says cooperation with developing countries is key to tackling climate change and other global challenges

The Guardian - UK

The west has broken its promises to developing countries – and we’re all paying the price

A summit in Paris this month offers a way to tackle this disastrous failure, but only if western leaders bother to turn up, says the Guardian’s economics editor, Larry Elliott

The Hindu

Only 12% of Sustainable Development Goals targets are on track: Haoliang Xu, Assistant Secretary General of UNDP

In an exclusive interview for The Hindu, Haoliang Xu, Assistant Secretary General of UNDP said most of the Sustainable Development Goals (SDGs) are not on track and that at least 52 countries are facing “debt distress” that is forcing them to prioritise debt servicing over investing in human development goals.

The Guardian - US

Rich countries with high greenhouse gas emissions could pay $170tn in climate reparations

Proposed compensation would be paid to developing countries that must transition away from fossil fuels

The Independent UK

Brics summit mulls expansion and new currency in bid to rival dollar and escape sanctions

Bloc of developing countries calls for new ‘multipolar’ world order and a shift from Western balance of power

The Hindu

Foreign Minister Jaishankar calls on BRICS nations to demonstrate sincerity in reforming UNSC

The five-nation grouping BRICS (Brazil-Russia-India-China-South Africa) brings together five of the largest developing countries of the world.

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