BANKS and hedge funds are draining billions of pounds from poor countries struggling to cope with the Covid-19 pandemic, a report revealed today.

About £10 billion is set to be paid by low-income nations to creditors in the seven months from May to the end of 2020, according to the study by a coalition of campaigns and charities.

The report shows how financial corporations like Blackrock, HSBC, Goldman Sachs, Legal & General and UBS have held developing countries’ feet to the fire over huge debts.