UN Urges Debt Relief for Developing Nations

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News Date: February 25, 2025

The United Nations Development Programme (UNDP) warns that the debt crisis in developing nations has reached unprecedented levels, with debt servicing consuming an increasing share of national revenues at the expense of development.
A new policy brief, released ahead of the G20 finance ministers meeting in Cape Town, highlights that 56 developing countries now spend over 10% of their revenue on interest payments, with 17 exceeding 20%, heightening default risks.
Total external public debt for the 31 poorest nations at risk of debt distress is estimated at $205 billion, while global debt servicing reached a record $1.4 trillion in 2023.
UNDP urges immediate reforms, including a more effective debt restructuring framework, systemic relief initiatives, and reduced borrowing costs to prevent a lost decade of development.
The upcoming Financing for Development conference in June will be a key platform for addressing these urgent issues.

The Reserve Bank of India has increased its gold reserve

There was a sharp jump in the foreign currency assets and gold reserves.
All components in forex reserves climbed with gold reserves outperforming foreign currency assets (FCA) in the week.
RBI announced key measures that are likely to protect the Indian rupee at the interbank forex market and further drive the reserves.
The value of gold reserves rose by $1.140 billion to $39.642 billion during the week ended July 29.
This is the highest monthly purchase since September 2021.
Sources: livemint.com

Trump announces historic deal between Serbia and Kosovo

Serbia and Kosovo have agreed to normalize economic relations, following U.S.-brokered talks that include Serbia moving its Israeli embassy to Jerusalem and Kosovo formally recognizing Israel.
U.S. President Donald Trump made the announcement Friday, after meeting with Kosovo Prime Minister Avdullah Hoti and Serbian President Aleksandar Vucic in the Oval Office earlier in the day.
Sources:twitter.com/WhiteHouse, www.voanews.com

What is the devolution?

Devolution is fundamental and part of the governments top-secret continuity of government plans.
Devolution: transference (as of rights, powers, property, or responsibility) to another especially, the surrender of powers to local authorities by a central government.
The Devolution PLAN involved secret operations of replacing politicians, senior key officials, high-ranking Generals, Admirals, and officers.
Sources: usamagazinestudio.com

Independent Financial System planned by Russia and the Islamic world

Russia and the Islamic countries talk about the creation of an independent financial system and de-dollarization.
According to Alexey Overchuk, deputy prime minister of Russia, Russia is in conversation with countries in the Islamic world about current global changes, particularly the de-dollarization processes.
Alexey Overchuk mentioned the de-globalization processes, the shift of industrial output, the fall of Western investment in the Global South, and the concerns with energy and food security among other things on the agenda.
"Of course, our relations with Islamic countries are influenced by global shifts that are taking place and global trends.
We are talking about processes of de-dollarization and the creation of an independent financial system.", Overchuk stated, through a TASS report.

H.R.5404, a bill to define the dollar as a fixed weight of gold

H.R. 5404 is a bill introduced by Rep. Alex Mooney (R-WV2) that would bring the U.S. back to the gold standard once and for all. It would take effect exactly 30 months after the bill was passed, to allow an adjustment period in the American economy. Interestingly for a Republican-introduced bill, if the bill was enacted any time after July 2018, that 30-month window would come under the administration of the 2020 election.
Source:congress.gov