Business Day quotes Eric LeCompte on the solutions to the developing country debt crises at the IMF and World Bank. Read the excerpt below and click here for the full article. 

Will World Bank, IMF rescue developing economies from growing debt conundrum?

By Kadiri Abdulrahman

At the Marrakech meetings, a coalition of faith-based organisations, Jubilee USA, urged the World Bank and the IMF to stop the debt and food crises of low-income nations.

Eric LeCompte, Executive Secretary of the group, said that it could be done by stopping the “ridiculous policies” of raising interest rates.

According to him, development banks can help address debt crises by ensuring that debt contracts have clauses where debt payments stop in the face of disasters and by promoting swaps, transparency and accountability.

 

Read more here.