<b itemprop=“headline“>World poverty rising as rich nations call in debt amid Covid, warns Gordon Brown
Child mortality crisis is looming as nations struggle to make payments to west and China, says former prime minister
His warning comes against a backdrop of rising poverty and reversals in child health. Data from the Johns Hopkins Medical School shows that an additional 6,000 children could die every day from preventable causes as the pandemic weakens health systems and disrupts routine services.
But the ability of many developing countries to tackle Covid-19 is severely limited by their debt obligations. With little financial support flowing from the IMF and the World Bank, some governments face a stark choice between repaying creditors or funding crucial public services.
It is predicted that African countries will pay out more than $10bn to creditors this year and next year alone. More than half will go to City asset management firms, like BlackRock, which employs former chancellor George Osborne on £650,000 a year, and Fidelity Investments.