Tag: Debt

NEWS

World Bank — Record Debt Levels Could Put Developing Countries In Crisis

The World Bank says interest payments on debt for the world’s poorest countries quadrupled over the past decade. For the 75 countries eligible to borrow from the World Bank’s International Development Association, which supports the poorest countries, these costs reached an all-time high of $23.6 billion in 2022. The latest International Debt Report showed overall costs to pay down on […]

EDUCATION

The Reactions To The Court’s Ruling On Student Loan Debt Forgiveness

The reaction to the Supreme Court’s decision was mixed, with supporters and opponents of student loan forgiveness expressing their views on social media and other platforms. President Biden expressed his disappointment and frustration with the ruling in a statement. He said he would continue working with Congress to find ways to help student borrowers and make college more affordable. “I […]

EDUCATION

The Implications Of The Court’s Ruling On Student Loans Debt Forgiveness

The Supreme Court’s decision has significant implications for millions of student borrowers who were hoping for debt relief from the Biden administration. The decision effectively ends any possibility of widespread student loan forgiveness through executive action unless Congress passes new legislation or amends the HEROES Act. The decision also has political ramifications for Biden and his party, who had campaigned […]

Jamaica

Jamaica’s Debt Stock Declines

Jamaica’s debt stock decreased over the 12-month period between March 2022 and February 2023. Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, advised that total public debt fell from $2.18 trillion in March 2022 to $2.16 trillion last month. He provided the update during Wednesday’s (March 1) meeting of the Standing Finance Committee of the House […]

NEWS

Russia, In Default On Sovereign Debt, Blames US For Blocking Payments

For the first time since 1918, when Vladimir Lenin repudiated the debts of the former Russian Empire, Russia has defaulted on its sovereign debt. It did so by failing to make a payment of approximately $100 million in dollars and euros to bondholders.The default came about not because Russia is short of cash — Vladimir Putin’s government is profiting handsomely […]

NEWS

Sri Lanka Financial Crisis Worsens

Sri Lanka has found itself in a spot of bother as the country defaulted on its debt for the first time in its history. The country has faced its worst fiscal crisis in more than 70 years. It comes after a 30-day grace period to repay $78 million of unpaid debt interest payments expired recently. The governor of Sri Lanka’s […]

NEWS

Sri Lanka Caught In Foreign Debts Default

Sri Lanka has said it will temporarily default on its foreign debts amid its worst economic crisis in over 70 years. Officials said the impact of the pandemic and the Ukraine war made it impossible to pay its creditors. The South Asian country has seen mass protests as it suffers food shortages, soaring prices, and power cuts. The country is […]

BUSINESS

Jamaica Maintains Fitch B Plus Rating

Global rating agency Fitch has maintained Jamaica’s credit rating at B Plus and says the country’s outlook is stable. Fitch says the B Plus rating has been affirmed due to Jamaica’s favorable business climate, consistent fiscal policy efforts to lower the debt burden, and continued deficit reduction bolstered by a 15.4 percent growth in revenues between April and December 2021.  […]

BUSINESS

Total Household Debt In The U.S. Now At $15.58 Trillion

According to data from the Federal Reserve Bank of New York’s latest Quarterly Report on Household Debt and Credit, total household debt rose by $333 billion (2.2 percent) to reach $15.58 trillion in the fourth quarter of 2021. Mortgage balances — the largest component of household debt — rose by $258 billion. The volume of newly originated auto loans was $181 billion during […]

NEWS

The Caribbean And Other Developing Countries Set To Get U.S. Debt Relief

According to a CMC report, a bill has been passed in the U.S. House of Representatives to support debt relief for the Caribbean and other developing countries. Congresswoman Alexandria Ocasio-Cortez told the Caribbean Media Corporation the measure was passed in the House on Friday as part of the America COMPETES Act.   The legislation among other things places a moratorium […]