Press Conferences | UNCTAD
Developing countries crippled by debt need urgent relief, stresses UN trade agency
Far too little constructive support has been provided to help developing countries escape from crippling debt related to the COVID-19 outbreak, leading UN economists said on Thursday.
According to the United Nations Conference on Trade and Development (UNCTAD), urgent measures are needed to head off what it has called a “looming debt disaster” in emerging economies.
It’s calling on international investors and creditors to agree to write off debt relief to developing countries.
Some welcome steps have already been taken, including the decision on 13 April by the International Monetary Fund (IMF) to cancel debt repayments due by the 25 poorest developing economies for the next six months.
This alone was estimated at around $215 million.
That IMF decision was followed two days later by the leaders of the Group of 20 leading economies (or G20), who announced the suspension of debt paybacks for 73 of the world’s poorest countries from May to the end of the year.
Welcoming these measures, UNCTAD economist Richard Kozul-Wright said that they would free up sorely needed resources which are needed to respond to the pandemic, and which are normally dedicated to paying off external debt.
But he insisted that more “systematic, transparent and coordinated measures towards writing off developing country debt across the board” are urgently needed.
A trillion dollar write-off would be closer to the figure needed to prevent economic disaster across the developing world, Mr Kozul-Wright added.
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Press Conferences | OCHA , UNICEF , OHCHR , WHO , UN WOMEN
Alessandra Vellucci, Director of the United Nations Information Service in Geneva, chaired a hybrid briefing, which was attended by the spokespersons of the Office for the Coordination of Humanitarian Affairs, the United Nations Children’s Fund, the World Health Organization, and the United Nations Office of the High-Commissioner for Human Rights.
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Press Conferences | WHO , OCHA , UNHCR , IFRC , WMO , FAO
Rolando Gómez, of the United Nations Information Service (UNIS), chaired the hybrid briefing that was attended by the spokespersons and representatives of the World Health Organization, the Office for the Coordination of Humanitarian Affairs, the United Nations High Commissioner for Refugees, the World Meteorological Organization, the International Federation of the Red Cross and the Food and Agricultural Organization.
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Press Conferences | UNMAS
Update on Mine Action work in Ethiopia, Libya, Mali, occupied Palestinian territory, South Sudan, Sudan, and launching the mine action Standing Capacity based in Brindisi, Italy.
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Press Conferences | OCHA
Update on the humanitarian situation the Democratic Republic of the Congo (DRC)
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Edited News , Press Conferences | UNRWA
UNRWA Commissioner-General Philippe Lazzarini will update the press on the situation in the Occupied Palestinian Territory.
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Press Conferences | UNICEF , WHO , WIPO
Alessandra Vellucci of the United Nations Information Service (UNIS) in Geneva, chaired the hybrid briefing, attended by the spokespersons and representatives of the United Nations Children’s Fund and the World Health Organization.