COVID-19: UN expert warns of debt crisis for poorer States, calls for relief and reform of international debt architecture

 OHCHR, 26 Oct 2020

NEW YORK (26 October 2020) – A UN human rights expert warned of a looming debt crisis for some low and middle income countries as a result of the COVID-19 pandemic, and urged States and international financial institutions to respond quickly and effectively by providing debt relief and reforming the international debt architecture.

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In her first report to the General Assembly, the UN Independent Expert on debt and human rights, Yuefen Li, underlined the need for “an effective set of measures and tools to avert a systemic debt crisis with even more devastating consequences to millions of already vulnerable individuals and communities”. 

“No developing country has the capacity to carry forward with a debt crisis looming while they are dealing with health, economic, food and social protection crises due to the pandemic,” she said.

In full:

https://www.ohchr.org/EN/NewsEvents/Pages/DisplayNews.aspx?NewsID=26419&LangID=E