UN says $1 trillion debt of the developing countries should be pardoned due to coronavirus pandemic
Homeless men approach a car from where a Muslim man offers"zakat", or alms, given to poor people during Ramadan, in Fordsburg, Johannesburg, on April 23, 2020.
Around $1 trillion of debt owed by developing countries should be cancelled under a global deal proposed by the United Nations Conference on Trade and Development on Thursday to help them overcome the fallout of the coronavirus pandemic. The world's developing economies, which were already struggling with a rapidly growing debt burden, now confront a record global downturn, plummeting prices for their oil and commodities exports and weakening local currencies.
"This is a world where defaults by developing nations on their debt is inevitable," Richard Kozul-Wright, director of UNCTAD's Division on Globalisation and Development Strategies, said.
High-income developing countries have debt service obligations of between $2 to $2.3 trillion in 2020 and 2021 alone.Source: Reuters
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