African Diplomats Urge Uk Government To Back Bill To Speed Up Debt Restructurings

Exclusive: Countries are struggling to manage expensive loans, with much of debt transacted through London Diplomats from eight southern and east African countries have signed a letter calling on the UK government to support a private members bill that aims to speed up debt restructurings, after economic crises meant countries were unable to pay back loans. Poor countries economies have been hit by a series of global events in recent years, including the coronavirus pandemic, which reduced growth the Russian invasion of Ukraine, which sent inflation soaring and raised US interest rates, which have pushed up the cost of international loans to often unaffordable levels.