Developing countries must get a Covid-19 debt moratorium
Poorer countries are not in a position to make their payments, so the US and China must make sure they are not expected to
As the Covid-19 virus spreads globally, economic paralysis and unemployment follow in its wake. But the economic fallout of the pandemic in most emerging and developing economies is likely to be far worse than anything we have seen in China, Europe, or the US. This is no time to expect them to meet their debt payments, either to private or official creditors.
With inadequate health-care systems, limited capacity to deliver fiscal or monetary stimulus, and ...