World Bank
United Kingdom


Cite as

Committee: World Bank  

Topic: Means to overcome the debt burden on developing nations  

Country: The United Kingdom of Great Britain and Northern Ireland  


Debt crisis among developing countries began in the early 1970s, after a sudden massive increase in oil prices which led to higher revenues of the oil companies. The money then went to commercial banks and made an excess of ‘free’ capital to invest which boosted active lending to developing countries without any control and management of the loans. As a result, many irresponsible governments in developing countries simply syphoned the money off without any contribution to development. Wasting and misma...

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