Sri Lanka expects to get China's backing for its debt restructuring plan within days to help unlock a $2.9 billion loan from the International Monetary Fund, a government official said, as India pledged further support to its crisis-stricken southern neighbour.

China backs Colombo's debt restructuring plan, expresses support for IMF program

The US has reached its debt limit of $31.4 trillion and there is no majority in the House of Representatives to raise the limit. Treasury Secretary Janet Yellen said her department had begun taking "extraordinary measures" to protect the US from insolvency.

WION Dispatch: US Treasury adopts emergency measures after government reaches the debt ceiling

The US has hit its borrowing limit, also known as the debt ceiling, fueling fears of putting global markets in instability and setting off a budgetary battle in Congress.

EXPLAINED: What's US debt ceiling & why is it such a big deal?

Is Twitter facing a debt crisis? Struggling to arrange enough funds, Elon Musk's newly bought Twitter team is now looking for investors to put more money into the social media platform.

Twitter Chaos: Elon Musk's team seeks new investors for the social media platform

Amidst severe economic crisis, has Sri Lanka walked into China's debt diplomacy, a claim that Lankan government has denied. Molly Gambhir explains more on the story on this week's #SouthAsiaDiary

South Asia Diary: Is Sri Lanka China's debt trap diplomacy victim?

Sri Lanka is currently experiencing its worst economic crisis since its independence in 1948, as shortages of food and fuel are causing unrest among the citizens. Experts believe that Colombo has walked into Beijing's debt trap diplomacy. Watch this report to know more.

Experts say Sri Lanka walked into China's debt trap diplomacy

A U.S. judge has struck down President Joe Biden's student debt plan: Two borrowers did not qualify for debt relief. Watch this report for all details.

U.S. judge strikes down Biden's student debt plan: Two borrowers did not qualify for debt relief

Kenya's new President William Ruto released loan documents related to a controversial Chinese railway project that his predecessor's government fought a years-long battle in the courts to keep classified.

Kenya discloses loan documents of Chinese-built railway amid looming debt crisis

As the UK political crisis deepens, New York-based credit rating company Moody's Investors Service has downgraded the country's economic outlook from 'stable' to 'negative'.

UK's economic outlook downgraded to 'negative' from 'stable': Moody's

Many economies around the world have beaten covid-19 blues charging a path of growth but China's economy is still weighed down by strict implementation of Covid-19 rules.

Did Zero-Covid strategy fail? Chinese local governments stare at debt defaults

Despite the devastating floods in Pakistan, the finance minister on Sunday, in a conversation with Reuters, said that the country would "absolutely not" fail its financial obligations, indicating no changes will be made to the economic reforms.

Pakistan will 'absolutely not' fail its financial debt, despite floods, says Finance Minister Miftah Ismail

China has gained a major foothold in oil-rich Iraq, shaking up Western domination in fields from energy to construction, even as some warn that infrastructure projects could leave Baghdad in debt. Ghadi Francis tells you more on The West Asia Post.

The West Asia Post | China cements influence in Iraq through oil & infrastructure

Reports claim Joe Biden is planning to cancel student debt up to $10,000 for borrowers earning less than $125,000 per year. Is cancelling the debt a long-term solution? Why are US colleges so expensive? Palki Sharma tells you.

Gravitas: Joe Biden to cancel student debt?

Sri Lanka continues to plunge deeper into the ongoing economic crisis. As per reports, Colombo's consumer price index has reached 60% and food inflation has surged to 90%.

Record inflation continues to haunt Lankan households; Colombo consumer price index breaches 60%

An Indian man from southern Kerala state, who was on the verge of selling his house to pay off a debt, couldn’t believe his luck when he won a lottery of Rs 10 million cash (US $133,4000 approx.

Indian man wins Rs10 million lottery hours before selling house to pay off debt

Traditional debt crises and crashing currencies point to a brewing economic downturn in many developing nations. Africa has been no different, it is witnessing an economic slowdown, and the prevalence of Covid pandemic has hindered the flow of necessary finances for ongoing infrastructure development projects. We look at the latest rise in loans from the international monetary fund, the pros, cons and the pitfalls of such loans.

World Of Africa: Africa's spiralling debt crisis

In South Africa, the finance minister earlier this year announced that the debt burden remains a serious concern. This year the government debt has reached R4.3 trillion and is projected to rise to R5.4 trillion over the medium term. Kalden Ongmu explains South Africa's debt crisis.

World of Africa: South Africa's debt crisis explained

Could Pakistan be the next Sri Lanka? A new report ranks Pakistan 4th in list of countries at risk of default. It says the political turmoil is making economic recovery even tougher. The tug of war over Punjab CM post is the latest example. Palki Sharma reports.

Gravitas: Pakistan is at 'heightened risk' of debt default

Sri Lanka's inflation hit a ninth consecutive record in June. Residents are being forced to use firewood for cooking purposes. These desperate measures come as Sri Lanka struggles to arrange for basic essentials such as gas or fuel for its citizens

WION Dispatch | Sri Lanka Crisis & Chaos: Firewood now being used to cook meals

Russia has defaulted on its foreign debt for the first time since 1918. The Kremlin says it has the means and the will to pay, but its money is blocked by western sanctions. Palki Sharma Upadhyay brings you a report.

Gravitas: Russian defaults on foreign debt

For the first time in over a century, Russia has defaulted on its sovereign debt. Kremlin called the default a 'farce'. Moscow said that Western sanctions made payment impossible.

Russia defaults on sovereign debt: Kremlin calls it a 'farce'

Russia is on the brink of its first debt default since 1998 as the Sunday deadline to make a $100m interest payment seems certain to be missed. Russia has the money and is willing to pay, but sanctions make it impossible to get the payments to international creditors, as reported by BBC.

Dollar bankruptcy: Russia may soon default on debt servicing

Sri Lankan Prime Minister Ranil Wickremesinghe said that the debt-laden country has “completely collapsed” and warned of “a possible fall to rock bottom” after months of shortages of fuel, electricity and other essential commodities and failure to service its debts.

Sri Lanka’s economy has completely collapsed, says PM Ranil Wickremesinghe

After Pakistan and Sri Lanka, Laos is staring at a default., The country's cash reserves have plummeted and there is a serious shortage of fuel. Laos owes $14.5 Billion to its creditors. About half of the public debt is owed to China. Palki Sharma tells you more.

Gravitas: Another Chinese Debtor faces default

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