Today, the world is confronting a “polycrisis” – many dire crises occurring simultaneously, reinforcing and feeding into each other, that are inseparable. Global South countries are experiencing climate, hunger, energy, debt, and development crises, made worse by wars and conflicts in Ukraine, the Middle East, and elsewhere. Responses from the…
Approval comes more than two months after international lender and Islamabad said they had agreed on programme. The International Monetary Fund (IMF) has approved a new $7bn loan for cash-strapped Pakistan, authorities said, more than two months after the two sides said they had reached an agreement. Prime Minister Shehbaz…
Marxist-leaning Anura Kumara Dissanayake has taken office as Sri Lanka’s president shortly after winning the country’s election. Dissanayake, who was sworn in on Monday after winning Saturday’s polls, has inherited the top job in a nation battered by austerity measures imposed as a part of a bailout deal with the…
While the economy has stabilised many people are suffering as a result of austerity measures backed by the IMF. Sri Lankans have begun voting in their first election since the collapse of the economy triggered mass protests that prompted then President Gotabaya Rajapaksa to flee the country. Polling stations opened…
A tidal wave of cheap Chinese imports floods the national market. Industries reel, companies crumble and factories close their doors for good. The livelihoods of countless families disintegrate. This could be a description of the original “China Shock,” the long-term result of the United States’ policy of “free trade” with…
Petrol will cost up to 15 percent more from Friday. Egypt is raising fuel prices for the second time in four months, fulfilling an economic reform condition set by the International Monetary Fund (IMF) to unlock hundreds of millions in new loans. Egypt’s official gazette reported an up to 15…
Weeks since protests began, determined Kenyans continue going out to voice their frustrations with the government. But when demonstrators first took to the streets in June to rally against proposed tax hikes, it was not only President William Ruto and members of parliament who came under fire. In the protests…
Report shows country has slid into a protracted financial crisis, with Syrian refugee population hit particularly hard. Poverty in Lebanon has more than tripled over the past 10 years, with the overall proportion of the country’s population living below the poverty line soaring to 44 percent, according to the World…
Pakistani voters head to the polls on Thursday amid a deep-seated economic crisis. Inflation is hovering at 30 percent, close to 40 percent of people live below the poverty line, and the debt-to-gross domestic product (GDP) ratio has climbed to 72 percent. Pakistan’s new government will have to contend with…
IMF upgrades growth outlook for Russia and downgrades expectations for the eurozone. The International Monetary Fund predicts strong growth for Russia’s economy this year, despite sanctions imposed for its invasion of Ukraine. European nations trail well behind Russia in the IMF growth forecast. What’s behind these figures? Presenter: Adrian Finighan…
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