The inability of developing nations to spend on post COVID-19 recovery and resilience has placed the world on the "the verge of a debt crisis". “We face the spectre of a divided world and a lost decade for development,” United Nations Secretary-General António Guterres said on Monday, Mar. 29, during a high-level meeting on financing development post COVID-19.
A major donor conference in Nepal’s capital, Kathmandu, came to a close on Jun. 25 with foreign governments and aid agencies pledging three billion dollars in post-reconstruction funds to the struggling South Asian nation.
The 7.8 magnitude earthquake that shook Nepal in April, and the numerous aftershocks that followed, left the country with losses amounting to a third of its economy.
The United States proposed Tuesday that the international community write off 100 million dollars in debt owed by West African countries hit hardest by the current Ebola outbreak. The money would be re-invested in health and other public programming.