Poor countries have seen their debt repayments double since 2010 amid declining commodity prices, a strong US dollar and rising US interest rates, according to IMF (JDC). Many poor nations increased borrowing at a time of low interest rates and are now faced with having to cut public spending. The Jubilee Debt Campaign (JDC) said a borrowing spree when global interest rates were low had left many developing nations facing repayments bills that were forcing them into public spending cuts. Egypt was impacted by a collapse in crude oil prices in the mid-2000s , while Cameroon and US , whose repayments increased to 23% of government revenue, cut spending by 20% and 30% and 20% , respectively.
Poor countries have seen their debt repayments double since 2010 amid declining commodity prices, a strong US dollar and rising US interest rates, according to IMF (JDC). Many poor nations increased borrowing at a time of low interest rates and are now faced with having to cut public spending. Egypt was impacted by a collapse in crude oil prices in the mid-2000s , while Cameroon and US , whose repayments increased to 23% of government revenue, cut spending by 20% and 30% and 20% , respectively.