UNCTAD PRESS RELEASE: A MATTER OF LIFE AND DEBT: UN AGENCY PROPOSES GLOBAL DEBT DEAL TO PREVENT HEALTH PANDEMIC SPREADING ECONOMIC DISASTER ACROSS THE DEVELOPING WORLD
In 2020 and 2021 alone, developing countries’ repayments on their public external debt alone will soar to between $2.6 trillion and $3.4 trillion Calls for international solidarity have so far delivered little tangible support An international body is needed to oversee developing country debt relief programmes Geneva, 23 April 2020 – The UN trade and development body today set out urgent measures needed to head off a looming debt disaster in developing countries reeling from the economic fallout from the coronavirus pandemic. UNCTAD released a report that calls for a global debt deal for the developing world . It underlines the vital need for decisive action to provide substantive debt relief to developing countries to free up sorely needed resources to respond to the raging pandemic. On 30 March, UNCTAD called for a $2.5 trillion coronavirus crisis package for developing countries. Even prior to the COVID-19 crisis, many of these countries faced high and risin...