WASHINGTON—The world averted a systemic debt crisis amid the pandemic. However, the poorest developing countries continue to face significant debt problems, raising global worries over multiplying debt traps by creditors like China. Addressing the rising risk of a systemic debt crisis in developing countries is one of the key themes at this week’s virtual spring meeting of…
World’s Poorest Nations Face ‘COVID-19 Debt Trap’
April 7, 2021
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US Saves Ecuador From China’s Debt Trap
WASHINGTON—The United States struck a deal with Ecuador to refinance its China debt, as part of an effort to counter Beijing’s growing influence in Latin America. The U.S. International Development Finance Corporation (DFC) signed a framework agreement with the government of Ecuador on Jan. 14 to refinance its preexisting debt to China and support the…
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