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UN to Call for New Global Body to Help With Debt Relief

  • New institution to arrange a debt payment pause for countries
  • Argentina debt restructuring seen as a model for plan

The United Nations is calling for the creation of a global authority to help implement the temporary suspension of debt obligations from developing countries during the coronavirus pandemic.

The proposal will enable private creditors to join the debt payments pause and allow countries use resources to fight the new illness, said Stephanie Blankenburg, head of debt and development finance at UNCTAD, the UN’s trade and development agency.