UN conference agrees that in times of extraordinary events, such as natural disasters, food crises or health emergencies, payments will be temporarily suspended
People use umbrellas as they cross a street in front of a thermometer displaying a temperature of 47C in Seville, Spain, yesterday. Photo: Reuters
A number of wealthy creditor nations and multilateral lenders have launched an initiative that aims to give sovereign borrowers breathing space on debt payments in the event of a climate or humanitarian crisis, Spain has announced.
The Debt Suspension Clause Alliance was launched during a UN conference in Seville – a once-in-a-decade meeting aimed at furthering development finance goals and guidelines.
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