The coronavirus is driving the world into another global recession. Companies are closing up shop, many workers are self-isolating, and the wheels of the global economy are slowing almost to the point of stopping.

To combat the economic cataclysm, governments in the Global North are rolling out major plans for stimulus and bailout packages, ranging from hundreds of billions to trillions of dollars. But what about poorer countries, who cannot afford such massive bailouts?

With high credit ratings and large economies, many countries in the Global North can borrow at interest rates close to zero and inject large amounts of money into their economies. Many nations in the Global South, however, suffer major structural obstacles to responding on a similar scale. Many are locked into crippling debt, high interest rates, and structural adjustment programs that prevent them from undertaking spending programs.