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The international financial system is deepening inequality

The international financial system is deepening inequality

MACKY Sall is the former President of Senegal (2012-2024) and Special Envoy for the Paris Pact for People and the Planet. When I reflect on my 12 years as president of Senegal, one lesson stands out: how stacked the international financial system is against developing countries like my own.  No matter how sound our economic policies are, we are judged a risky bet. Our access to capital is both restricted and eye-wateringly expensive. Our fiscal and monetary policies are dictated, in effect, by far-away central banks. And when we try to protest, we discover that we have no voice. It…
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Debt-laden African countries charged ‘extortionate’ rates, U.N. chief says

Debt-laden African countries charged ‘extortionate’ rates, U.N. chief says

DAWIT ENDESHAW AFRICAN countries are getting a raw deal from the international financial system which charges them "extortionate" interest rates, the U.N. chief said, as he announced $250 million in crisis funding, including for famine risk on the continent. The United Nations Secretary-General Antonio Guterres wants far-reaching reforms to the structure of international finance to serve the needs of developing countries more efficiently, he told the opening ceremony of the annual African Union summit in Ethiopia. "The global financial system routinely denies (developing countries) debt relief and concessional financing while charging extortionate interest rates," he said. The U.N. will spend $250 million…
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‘Debt-laden African countries charged ‘extortionate’ rates’

‘Debt-laden African countries charged ‘extortionate’ rates’

DAWIT ENDESHAW AFRICAN countries are getting a raw deal from the international financial system which charges them "extortionate" interest rates, the U.N. chief said, as he announced $250 million in crisis funding, including for famine risk on the continent. The United Nations Secretary-General Antonio Guterres wants far-reaching reforms to the structure of international finance to serve the needs of developing countries more efficiently, he told the opening ceremony of the annual African Union summit in Ethiopia. "The global financial system routinely denies (developing countries) debt relief and concessional financing while charging extortionate interest rates," he said. The U.N. will spend $250 million…
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