Summary
According to the IMF, debt is at the highest level in decades. With high interest rates and a global economic slowdown, 60 percent of low-income countries are either already in debt distress or at high risk of debt distress. Pakistan is one country that has gone to the IMF recently for a bailout package. How is the country’s debt burden impacting its people? How is the debt problem further exacerbated by climate change? And what is the role of China’s Belt and Road initiative in Pakistan’s debt situation?
Pakistan is just one of 70 about countries struggling with a debt burden. With debt repayment expected to go up in 2024, will we see a global financial contagion and a deluge of defaults?
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