Officials at the World Bank-International Monetary Fund annual meetings this week have been vowing to help vulnerable countries weather a mounting pile of crises, from crushing debt to climate change-fueled disasters.
The problem, according to some civil society groups, is that this help comes in the form of loans, not fresh — and free — money.
“There are many countries that cannot take more loans, or they're spending a huge, huge amount of their GDP on debt repayments,” said Mariana Paoli, head of global advocacy and policy for Christian Aid, a U.K.-based charity. “So more loans even on favorable terms like concessional loans — they're still loans, they still need to be paid back.”
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About the authors
Anna Gawel
Anna Gawel is the Managing Editor of Devex. She previously worked as the managing editor of The Washington Diplomat, the flagship publication of D.C.’s diplomatic community. She’s had hundreds of articles published on world affairs, U.S. foreign policy, politics, security, trade, travel and the arts on topics ranging from the impact of State Department budget cuts to Caribbean efforts to fight climate change. She was also a broadcast producer and digital editor at WTOP News and host of the Global 360 podcast. She holds a journalism degree from the University of Maryland in College Park.
Sophie Edwards
Sophie Edwards is a Devex Contributing Reporter covering global education, water and sanitation, and innovative financing, along with other topics. She has previously worked for NGOs, and the World Bank, and spent a number of years as a journalist for a regional newspaper in the U.K. She has a master's degree from the Institute of Development Studies and a bachelor's from Cambridge University.
