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Earthquake Stricken Nepal Owes Billions in Debt and Likely Qualifies for New IMF Relief Fund


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Earthquake Stricken Nepal Owes Billions in Debt and Likely Qualifies for New IMF Relief Fund

Jubilee USA

WASHINGTON - A 7.8 magnitude earthquake struck Nepal, killing at least 1,500 people and prompting the government to declare a state of emergency. The tremor caused avalanches on Mount Everest and destroyed buildings across the capital city of Kathmandu. Nepal is one of the least developed countries in the world, ranking 145th out of 187 countries in the United Nations Human Development Index. Nepal owes $3.8 billion in debt to foreign lenders and spent $217 million repaying debt in 2013.

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