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Mike Sylvester, permanent secretary at Grenada’s Ministry of Finance, told Climate Home the suspension of debt repayments will create “some breathing space to the government to be able to properly and adequately respond to the crisis.”
Clauses to pause debt repayments after natural disasters could prove a lifeline for developing nations struggling against the effects of climate change amid rising debt.
Almost half of low-income countries are “at the intersection of high debt and climate vulnerabilities,” according to a March 2023 report by the UN Trade and Development agency (UNCTAD).
It warns of “a vicious cycle of perpetual vulnerabilities and economic stagnation” in countries on the frontlines of climate change that are experiencing financial distress.
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Publish date : 2024-08-22 03:31:00
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