‘People are suffering’: G20 to call on private lenders to suspend debt repayments

At this weekend's meeting in Riyadh, leaders will urge action to free up resources to help stricken developing countries combat Covid-19

From his house in Nairobi, banker turned financial vlogger James Mumo contemplated the state of Kenya's post-pandemic economy. It's hopeless for a normal businessperson just trying to make a living for their family," he says.

The economic crisis caused by the pandemic and ensuing lockdowns has left many struggling: 1.7 million Kenyans lost their jobs between April and June 2020, while 20.8 million borrowed funds using a programme provided by popular mobile carrier Safaricom, double last year's number. One financial services conglomerate headquartered in Nairobi bought a yard to store all the cars it had repossessed after customers couldn't repay their loans.