Bloomberg and Yahoo Finance included Eric LeCompte's thoughts on the G20 extending developing nations' debt into next year in response to the coronavirus crisis and its effects. Read an excerpt below, and click here for the full story.
G-20 Extends Debt Relief Plan Amid Warnings It’s Not Enough
The consequences for some countries are dire. The World Bank calculates that the debt of the poor nations eligible for the external debt relief initiative climbed to a record $744 billion last year. Nations are often forced to choose between servicing debt or spending on social and health programs.
“Debt payment relief for the poorest countries is good news, but it’s a short term solution,” said Eric LeCompte, the executive director of Jubilee USA Network, a non-profit group that advocates for debt relief for smaller economies.
“We’re disappointed not to have a stronger agreement on a permanent debt reduction process yet, but it’s hopeful that the G-20 is holding a special meeting on this process in the coming weeks.”
Read more here.