UN urges ‘decisive action’ to provide debt relief to developing world

The United Nations has called for ‘decisive action’ to provide debt relief to developing countries that have been hit hard by the coronavirus pandemic.

According to a policy brief, UN Secretary-General Antonio Guterres said the steps taken so far to prevent debt crises across the world have not been sufficient to restore economic stability.

He urged governments to provide fresh concessional financing for developing countries.

UN Secretary-General also urged the G20 countries to extend the World Bank’s Debt Suspension Initiative until the end of June 2022 and include middle-income countries.

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