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The Guardian - UK
The Guardian - UK
World
Heather Stewart

Cut borrowing costs for poorer countries to free up $900bn for development – report

United Nations G77 International Monetary Fund Developing Countries
A line of workers carry a log along from a cargo boat on a river
The report suggests that some countries, including those such as Bangladesh that are regularly hit by climate crises, should have their repayments reduced to 10% of government revenue. Photograph: Munir Uz Zaman/AFP/Getty Images

Cutting debt servicing costs for the world’s poorest countries could free up $900bn (£660bn) a year for development, a new report to the UN secretary general has claimed.

Prepared by advocacy group Development Finance International (DFI) and launched in Oslo today, the analysis warned that the world is facing “the worst ever debt-provoked development crisis”.

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