Debt servicing

Regional growth is projected to pick up in 2023 but downside risks from China's greater-than-expected slowdown, the weakness of the global economy and policy shifts in advanced economies pose concern.

Almost 60% of Africa's low-income countries are already in debt distress or at high risk of it and millions of Africans are falling back into poverty amid acute risks of food insecurity.

The organization calls for all debt relief and restructuring to be consistent with the achievement of Agenda 2030.

By Rachid Bouhia, Economist, UNCTAD, and Emily Wilkinson, Researcher, ODI

The coronavirus pandemic hits developing countries at a time when they have already been struggling with unsustainable debt burdens for many years, as well as with rising health needs. UNCTAD calls for $1 trillion in debt relief.

A workshop on a multilateral legal framework for debt restructuring processes took place on March 31st 2015, at Columbia University in New York City.