Tag: debt

Climate finance summit wraps up eyeing bigger progress

By Kelly MACNAMARA Agence France-Presse PARIS, June 23, 2023 (AFP) — A global summit seeking to overhaul the international financial system wraps up Friday after taking small steps towards easing the debt burden of developing nations weighed down by climate and economic crises. While host country France pitched the conference as a consensus-building exercise, leaders are under pressure to produce clear outcomes from the two-day meeting as economies stagger under growing debt after successive crises […]

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In race against time for US debt crisis, ball is in lawmakers’ court

WASHINGTON, May 30, 2023 (AFP) — The bill hammered out by US leaders to prevent the country from a catastrophic default on its debts will face one final and potentially perilous hurdle this week: Passing a divided Congress. Lawmakers return Tuesday from a holiday weekend with precious few days to review, debate and ultimately greenlight a measure intended to extend US borrowing authority in exchange for White House policy concessions, notably caps on federal spending. […]

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Republicans, Biden reach debt ceiling deal, Congress to vote Wednesday

WASHINGTON, May 28, 2023 (AFP) – Top Republican leader Kevin McCarthy and President Joe Biden announced a deal Saturday to raise the debt ceiling, dragging the United States from the precipice of default with only a few days left to go. Congress will vote on the deal to extend the government borrowing authority Wednesday, just shy of the June 5 “X-date” when the Treasury estimates the government will no longer be able to pay its […]

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What happens if the US fails to raise its debt ceiling?

  By Beiyi SEOW, Daniel AVIS Agence France-Presse WASHINGTON, United States (AFP) — President Joe Biden and Republicans in Congress have resumed crunch talks aimed at averting a damaging US debt default, which Treasury officials recently warned could come as early as June 1. Biden has maintained that default would have “catastrophic” consequences, and is urging Republicans to agree to a “clean” increase to US borrowing limits — known as the debt ceiling — before […]

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Debt ceiling talks postponed until next week: W.House

WASHINGTON, May 11, 2023 (AFP) – Crunch talks between US President Joe Biden and senior Republicans have been postponed until early next week to allow staff to continue working, the White House said in a statement Thursday. A source familiar with the meetings between Democratic and Republican leaders said this was a positive development and that talks between the two sides were progressing, making Friday not the right moment for the leaders to meet. But […]

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Biden administration warns China hopes for US debt ‘chaos’

WASHINGTON, United States — The Biden administration on Thursday warned that superpower rival China would “love” to see Washington fail to extend the national debt ceiling and push the country into the “chaos” of default. “They love to see chaos in the American system,” senior White House economics official Shalanda Young told reporters. “They love to see that we can’t do our basic jobs.” Republicans in Congress and President Joe Biden’s Democrats are running out […]

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IMF chief urges world to avoid a ‘second Cold War’

by Daniel AVIS Agence France-Presse WASHINGTON, United States (AFP) — Countries must do more to avert the costly consequences of growing global trade fragmentation and help avert a “second Cold War,” the International Monetary Fund’s managing director said Thursday. “I am among those who know what are the consequences of a Cold War: it is loss of talent and contribution to the world,” Kristalina Georgieva said during a press conference at the official start of […]

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Supreme Court to rule on Biden’s student debt cancellation

WASHINGTON, United States (AFP) — The Supreme Court agreed Thursday to rule on the legality of President Joe Biden’s landmark effort to cancel hundreds of millions of dollars in US student debt. The court will hear the case in February or March, according to a short statement it posted online. In the meantime, it declined to lift a lower court ruling that has put the policy on hold for now. The Democratic president, who has […]

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Debt-hit developer China Evergrande sells land for $1 bn

Beijing, China | AFP | Embattled property giant China Evergrande has sold land earlier earmarked for its headquarters in the southern tech hub Shenzhen for $1 billion, according to an official document, as it fights for survival. The real estate behemoth has been involved in restructuring negotiations after racking up $300 billion in liabilities following Beijing’s crackdown on excessive debt and rampant speculation in the property sector. The 10,377-square-metre (111,700-square-foot) land in Nanshan district was sold […]

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Blinken urges Pakistan to seek China debt relief after floods

by Shaun Tandon Agence France-Presse WASHINGTON, United States (AFP) — US Secretary of State Antony Blinken called Monday on Pakistan to seek debt relief from its close partner China as floods devastate the South Asian country. Blinken promised strong US support for Pakistan as it dries out from the floods, which have submerged one-third of the country, an area the size of the United Kingdom. “We send a simple message. We are here for Pakistan, […]

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Russia fails to pay debt but denies default

MOSCOW, Russia (AFP) — Russia said Monday that two of its debt payments were blocked from reaching creditors, pushing the country closer to its first foreign default in a century due to sanctions over the Ukraine offensive. The announcement came on the 124th day of Russia’s military intervention in Ukraine, with Western sanctions so far failing to force the Kremlin to change its course. The Western economic penalties have largely severed the country from the […]

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Ukraine war fuels ‘overlapping crises’: World Bank’s Malpass

The Russian war on Ukraine has set off a chain reaction in the global economy, pushing energy and food prices higher, exacerbating debt concerns and potentially worsening poverty and hunger, World Bank President David Malpass said Tuesday. Faced with these “overlapping crises,” the leader of the development lender urged advanced nations to keep markets open, removing trade barriers and reversing policies that concentrate wealth. The war came as the global economy was trying to right itself following the Covid-19 […]

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