Saturday, August 2, 2025

Latest

UN Suggests at Least $1 Trillion in Debt Forgiveness Needed for Developing Countries Amid Pandemic

The United Nations recently issued a statement regarding the fight against COVID-19 in developing countries. In order to successfully mitigate the spread of the deadly virus, at least $1 trillion in debt held by developing countries would need to be forgiven in order to soften the disastrous economic impact the virus has caused thus far.

According to the UN’s trade and development agency, UNCTAD, an immediate debt forgiveness needs to be initiated for developing countries, so they can allocate their already-scarce funds towards the fight against COVID-19. There is approximately $3.4 trillion owed in obligations by third world countries, which when faced with an unprecedented pandemic will evolve into a serious sovereign debt crisis. Many developing countries are currently grappling with increased health care costs all while losing vital revenue from lower commodity prices and decreased trade of non-essential goods.

Thus far, a total of 20 well-off countries have decided to temporarily defer debt in the amount of $20 billion for some of the world’s poorest countries. However, it is only a temporary relief, and does not constitute as an initiative to forego the debt altogether. Thus far, the only financial body to actually forgive debt accumulated by developing countries has been the World Bank and IMF, which earlier on in the month announced they would issue a debt cancellation program for a total of 111 countries.

Information for this briefing was found via Bloomberg, Yahoo Finance, International Monetary Fund, World Bank. and Focus Economics. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Why Gold’s Bull Run May Just Be Getting Started! | Peter Grandich

Tariffs Spark New Race for Critical Metals | Rob McEwen

Antimony Resources: The Bald Hill Project

Recommended

Tsunami Warnings Spread As Largest Quake Since 2011 Hits Russia

Northern Superior Intersects 1.75 g/t Gold Over 65.0 Metres At Philibert

Related News

WHO Warns Coronavirus Outbreaks Have Not Reached Peak in Americas Yet

As the number of coronavirus cases reaches 10 million worldwide, the World Health Organization (WHO)...

Thursday, June 25, 2020, 08:04:00 PM

Bond Junkies: Federal Reserve to Start Buying High Yield Corporate Bonds

In the duration of a month, over 16 million of unemployed Americans have been desperately...

Saturday, April 11, 2020, 12:43:29 PM

Datametrex AI Secures FDA Authorizations For Two COVID-19 Test Kits

Datametrex AI (TSXV: DM) has expanded its target market for COVID-19 test kits. The company...

Tuesday, June 9, 2020, 08:42:29 AM

Internet of Things Inc Sees Surge In Demand For ThermalPass

Internet of Things Inc (TSXV: ITT) (OTC: INOTF) reported this morning that it is experiencing...

Friday, May 15, 2020, 10:31:21 AM

Tyson Foods Issues Grim Statement Regarding Food Supply Chain Disruptions amid Pandemic

Tyson Foods, which is one of the biggest meat processing companies in the US, recently...

Wednesday, April 29, 2020, 08:00:00 PM