Author: Eleanor Price

Low-income nations are grappling with escalating debt burdens and limited international support as the G20 has failed to mount a coordinated multilateral response comparable to its actions during the 2008 financial crisis. Aggregate public debt in developing countries has reached 45 percent of GDP, with 43 percent now classified as in debt distress or at high risk, according to IMF figures. This represents an increase of nearly half since 2012, leaving nations such as Bangladesh and Ethiopia struggling with their obligations. The G20’s debt relief initiative has fallen significantly short of expectations. The group agreed to temporary suspension of bilateral…