Economy and macroUpdated November 3

Burnham to propose Commonwealth debt plan

At the Commonwealth summit, UK Prime Minister Andy Burnham is expected to propose restructuring sovereign debt to ease pressure on the bloc’s poorest members. Asharq News reports that his office intends the measures to help developing countries avoid debt spirals amid high global interest rates; the office estimates that about half of developing countries facing debt difficulties are Commonwealth members. Former UK Prime Minister Gordon Brown is to lead the work, and Burnham will call for participation by donors beyond the G7 and the private sector. Saudi Gazette reports that figures Burnham cited show more than 40% of the poorest Commonwealth countries spend more on interest repayments than on health care. Separately, Burnham is open to considering a formal state apology for Britain’s role in the transatlantic slave trade but rejects financial reparations.

2 publishers2 reports

Coverage started October 31