COVID-19 Pandemic: UK-based charity calls for debt relief

International organizations call for debt relief for lesser privileged countries as the global community practices social distancing to combat the spread of Coronavirus.

According to reports, nearly a hundred plus global organizations are highlighting the issue of exempting developing countries of the debt payments needed to be paid. The countries include some of the poorest economies currently struggling with the Coronavirus, identified as, COVID-19. Reportedly, prominent charities Oxfam and ActionAid International are among international organizations asking for a debt relief.

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The organizations have reportedly written to world leaders and central banks requesting them to work on measures to ensure a relief in debt which may free up to approximately $25 billion this year, as per reports of BBC. The campaign is reportedly being spearheaded by Jubilee Debt Campaign.

According to the Director of the organization, Sarah-Jayne Clifton, the developing countries are being hit on two counts, that is, economic shock as well as COVID-19 threat.

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It is being estimated that the suspension of debt payments will help to avoid dealing with spiraling debt in the coming future. Moreover, the organizations are hoping that the debt payments can be cancelled with immediacy, to allow the countries to combat against COVID-19. Clifton further added that this is the fastest way to keep money within the countries, as well as to ensure that money is not wasted while enabling profit for the rich speculators.

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Additionally, according to reports of BBC, Eurodad, which is a non-profit network, estimates that almost sixty-nine countries are scheduled to pay approximately 19.5 billion dollars to international governments as well as an additional 6 billion to external private lenders. Meanwhile, it is being reported that the International Monetary Fund (IMF) has set aside 50 billion dollars as emergency financial aid while, the World Bank has approved of almost fourteen billion as a relief package for the most vulnerable economies, respectively.

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Although, the campaigning organizations hope to provide relief for all economies, they prefer to start with the poorest economies. Moreover, they hope to implement the process to reduce debts for the long-term to provide that economies sustain in the aftermath of the novel virus.

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