October 31, 2019United States
With the U.S. national debt already exceeding $16 trillion, President Trump’s tax reform and budget deals with Congress have added to the country’s deficits. CFR explores the origins of the national debt, the risks it presents, and the outlook for change.
November 5, 2019Uganda
Uganda is heading toward a debt crisis. According to a senior official at the Bank of Uganda, unless the country is able to sustain a growth rate of at least 7 percent—which economic projections show Uganda will not do—the country will default on its payments. As is the case for many African countries, China is Uganda’s largest creditor, making up 39 percent of total debt this past fiscal year. If Uganda defaults, it is unclear how China will react.
August 21, 2019Nigeria
President Buhari is publicly asking the Federal Inland Revenue Service about its failure to meet tax-collecting targets since 2015. Nigerian Federal and state entities have borrowed so much money that debt service now consumes more than 70 percent of revenue, according to the Finance Ministry.
December 2, 2019China
U.S. tariffs cost China about $35 billion in export receipts for the first half of this year, and—even if so-called Phase One talks succeed—are set to continue sapping revenues well into 2020. Me…
September 30, 2019Puerto Rico
The plan of adjustment put forward by the oversight board, if approved by enough creditors and the courts, would cut Puerto Rico’s tax supported debt from $50 billion to $25 billion and smooth its re…