At its debt sustainability conference in June, the Bank emphasised the importance of governmental use of domestic borrowing rather than international borrowing. However, UK NGO Jubilee Debt Campaign noted that the Bank’s definition of domestic debt includes foreign investors buying local currency bonds. The Bank claimed that this form of debt constitutes the largest growth in domestic debt in developing countries. Jubilee Debt Campaign argue that: “Loans in a local currency from foreign investors are still risky external debts, with interest and repayments on the debt leaving the country”.
As India has risen in the World Bank's Ease of Doing Business rankings, it has seen other key development indicators slip.
New IMF gender guidance opportunity for civil society to keep its staff to account.
Donate to the Bretton Woods Project
The Bretton Woods Project is an ActionAid hosted project (UK registered charity no. 274467).