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COVID-19 is a matter of life and debt, global deal needed

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. In 2020 and 2021 alone, developing countries’ repayments on their public external debt alone will soar to between US$2.6 trillion and $3.4 trillion. Calls for international solidarity have so far delivered little tangible support. An international body is needed to oversee developing country debt relief programmes.