U.N. agency calls for $1 trillion developing world debt write-off
JOHANNESBURG (Reuters) - 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 (UNCTAD) 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.