His Excellency Eduardo Enrique Reina | This House Blames Western Lenders ...- 3/6 | Oxford Union

This House Blames Western Lenders for the Plight of Developing Countries

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According to the World Bank, the pandemic pushed the foreign debt of low-income countries to the highest levels in 50 years, with almost two-thirds of world economies reeling under the risk of debt distress. While foreign loans can be a catalyst for economic development, when borrowed under exploitative terms, they can also be a recipe for economic disaster. Are Western lenders merely responding to the call of developing countries to grant loans, or actively pursuing neocolonialist economic policies? Should the plight of developing countries be attributed to the failing economies of the countries themselves, or is this very failure exacerbated by the self-interest of Western lenders? Finally, can debt alone be blamed for the plight of the developing world?

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