* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Sunday, August 10, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    ‘Paying homage to Kansas’: Singer-songwriter Dallas Pryor shares music journey – The Topeka Capital-Journal

    Honoring Kansas: Singer-Songwriter Dallas Pryor Shares His Inspiring Musical Journey

    Alabama expands entertainment incentives to boost state’s music and creative industries – Made in Alabama

    Alabama Supercharges Entertainment Incentives to Spark Explosive Growth in Music and Creative Industries

    Peacock’s Biggest Action Show Streams 2 New Episodes Sooner Than You Think – yahoo.com

    Peacock’s Hottest Action Show Drops 2 New Episodes Sooner Than Expected!

    Themed Entertainment Design – Purdue Polytechnic

    Innovative Themed Entertainment Design: Creating Immersive Experiences

    Rachael Leigh Cook and Brandon Routh ‘Happy to Have Found Each Other’ Following Respective Divorces – yahoo.com

    Rachael Leigh Cook and Brandon Routh ‘Happy to Have Found Each Other’ Following Respective Divorces – yahoo.com

    ‘Billie Jean’ – Hyde Park Herald

    The Enduring Magic Behind ‘Billie Jean’ Revealed

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Preparing Students for the Technology of Tomorrow – Drug Topics

    Preparing Students Today to Thrive in Tomorrow’s Tech-Driven World

    Technology, History, and Summer Camp at the Rhode Island Computer Museum – abc6.com

    Discover Technology, History, and Summer Camp Adventures at the Rhode Island Computer Museum

    MBU showcases student work at Occupational Therapy Technology Fair – WHSV

    Discover the Most Innovative Student Projects at the Occupational Therapy Technology Fair

    BlackSky Technology Inc. (BKSY) Reports Q2 Loss, Lags Revenue Estimates – Yahoo Finance

    BlackSky Technology Inc. Reports Q2 Loss, Misses Revenue Targets

    Improved Technology Access: A Key to Closing the Healthcare Gap for African Americans – BIOENGINEER.ORG

    LMI Expands Technology Org, Appoints New Leaders – GovCon Wire

    LMI Expands Technology Team with Dynamic New Leadership Appointments

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    ‘Paying homage to Kansas’: Singer-songwriter Dallas Pryor shares music journey – The Topeka Capital-Journal

    Honoring Kansas: Singer-Songwriter Dallas Pryor Shares His Inspiring Musical Journey

    Alabama expands entertainment incentives to boost state’s music and creative industries – Made in Alabama

    Alabama Supercharges Entertainment Incentives to Spark Explosive Growth in Music and Creative Industries

    Peacock’s Biggest Action Show Streams 2 New Episodes Sooner Than You Think – yahoo.com

    Peacock’s Hottest Action Show Drops 2 New Episodes Sooner Than Expected!

    Themed Entertainment Design – Purdue Polytechnic

    Innovative Themed Entertainment Design: Creating Immersive Experiences

    Rachael Leigh Cook and Brandon Routh ‘Happy to Have Found Each Other’ Following Respective Divorces – yahoo.com

    Rachael Leigh Cook and Brandon Routh ‘Happy to Have Found Each Other’ Following Respective Divorces – yahoo.com

    ‘Billie Jean’ – Hyde Park Herald

    The Enduring Magic Behind ‘Billie Jean’ Revealed

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Preparing Students for the Technology of Tomorrow – Drug Topics

    Preparing Students Today to Thrive in Tomorrow’s Tech-Driven World

    Technology, History, and Summer Camp at the Rhode Island Computer Museum – abc6.com

    Discover Technology, History, and Summer Camp Adventures at the Rhode Island Computer Museum

    MBU showcases student work at Occupational Therapy Technology Fair – WHSV

    Discover the Most Innovative Student Projects at the Occupational Therapy Technology Fair

    BlackSky Technology Inc. (BKSY) Reports Q2 Loss, Lags Revenue Estimates – Yahoo Finance

    BlackSky Technology Inc. Reports Q2 Loss, Misses Revenue Targets

    Improved Technology Access: A Key to Closing the Healthcare Gap for African Americans – BIOENGINEER.ORG

    LMI Expands Technology Org, Appoints New Leaders – GovCon Wire

    LMI Expands Technology Team with Dynamic New Leadership Appointments

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home News

World Bank to suspend debt repayments for disaster-hit countries

June 23, 2023
in News
World Bank to suspend debt repayments for disaster-hit countries
Share on FacebookShare on Twitter

A pause on loan repayments can give vulnerable countries breathing space when hit by a natural catastrophe

The World Bank will start offering a pause in loan repayments to the “most vulnerable” countries when they are hit by catastrophic events including climate-related disasters. 

The bank’s new chief Ajay Banga unveiled the measure at a global leaders’ summit in Paris as part of a raft of tools to help nations dealing with a crisis.

He said this will allow countries to “focus on what matters to their leaders when a crisis hits and stop worrying about the bill that’s going to come”.

Many countries at the forefront of the climate crisis already have some of the highest levels of debt distress, meaning they are unable to meet financial obligations.

Rich nations pledge $2.5 billion for Senegal’s renewable rollout

Today’s announcement marks an important victory for Barbados prime minister Mia Mottley and her Bridgetown agenda, as her campaign to reform global finance for the climate era is known.

Step forward

Speaking at the gathering she helped convene with French President Emmanuel Macron, Mottley hailed recent progress. “Nine months ago, no one was speaking about natural disaster clauses,” she said. “Now, we have people wanting to recognise the wisdom of it because countries do need to pause debt payments if they’re going to house and feed people who are victims of a climate crisis”.

In a press release, the World Bank said it would initially trial the clause with its most vulnerable borrowers, hoping to expand it to all clients in the future. It also announced other measures including options for countries to redirect a portion of their funds for emergency response and the provision of new types of insurance. 

About three-quarters of developing countries’ debt is to the private sector. About a quarter is to multilateral development banks like the World Bank and less than a fifth is owed to governments, mainly China and the big developed nations.

Made with Flourish

Dileimy Orozco, senior policy advisor at E3G, told Climate Home News that debt suspension “is not the holy grail, but it is a step forward as it will give countries some breathing space in case of disaster”.

Separately, the United Kingdom, the United States and France have announced plans to offer similar debt relief measures to certain borrowers.

The UK’s export credit agency is in discussion with twelve countries in Africa and the Caribbean to allow them to defer debt repayments if they are hit by climate catastrophe, the government said today.

Fossil fuels, planes, ships and shares – What will be taxed for climate funds?

The US plans to begin incorporating disaster-related debt clauses in the bilateral lending done through its export credit agency by the end of the year. The measure will be applied “on a transaction-by-transaction basis, looking at where they are most needed”, Patricia Pollard, a US Treasury official, told a panel discussion in Paris.

France is also working towards integrating debt suspension clauses in the concessional loans disbursed by its development agency, the country’s development minister Chrysoula Zacharopoulou announced on Thursday.

Debt traps

Most countries facing a high risk of climate disasters are already “drowning in debt”, according to an analysis by the campaigning group ActionAid. Debt distress is affecting, for example, Mozambique and Malawi, where the passage of Cyclone Freddy killed thousands of people and caused $1.5 billion in damages earlier this year.

Carbon credits touted as saviour of coal-to-clean energy deals

Without relief measures, natural disasters can easily push vulnerable countries into a costly debt spiral, the report said, as they have to keep paying back their existing loans while taking on even more debt by borrowing the money needed to respond to the crisis.

Debt piles can rise quickly. Covering the costs of catastrophe is expensive for countries that have to pay more to borrow money because of the perceived risk of lending to them. The average cost of borrowing for a group of 58 climate-vulnerable nations is 11%, according to a study by the Boston University Global Development Center. This is much higher than borrowing costs for developed countries.

Breathing space

Pakistan has been particularly vocal about the risks of a climate “debt trap”. The South Asian country was pushed to the brink of default last year. While flooding affected nearly a third of its territory last year, it owed billions of dollars in debt repayments.

Its former climate minister Malik Amin told Climate Home the World Bank initiative “could help Pakistan in creating badly needed fiscal space when it’s needed the most to deal with the ever-increasing climate impacts it is facing such as super floods, glacial bursts and unliveable heat waves”” 

After today’s announcement, the World Bank will now need to put the scheme into practice. This means establishing which countries could qualify and setting criteria for when a debt suspension would be triggered.

Barbados’ template

Mia Mottley’s Barbados could come again to the fore as a model of how to implement a natural disaster clause. The island nation was among the first to insert payment suspension measures when it restructured its existing debt in 2019. In the case of a catastrophe, the clause will allow Barbados to free up an estimated $700 million, or almost 15% of its economy, in debt repayment for emergency response, rebuilding and recovery.

Ahead of elections, Argentina’s leaders wrap fossil fuels in the flag

E3G’s Orozco says the clause will also send an important signal to credit agencies, which affect borrowing costs with their assessments. “It will tell the market that debt can be caused by these external shocks, not bad economic management,” she added.

Some vulnerable countries and campaigners would like to see the World Bank – and other major lenders – go further and offer debt cancellations in case of disasters.

While these clauses can work well for climate disasters that happen suddenly, like the storms Barbados suffers from, Mottley said they may not be as suitable for disasters like droughts which happen at a slower pace. “We need to perfect it”, she said.

The article was updated after publication to include debt suspension measures announced by the United States and France.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : ClimateHomeNews – https://www.climatechangenews.com/2023/06/22/world-bank-debt-disaster-climate/

Tags: newssuspendWorld
Previous Post

Rich nations pledge $2.7 billion for Senegal’s renewable rollout

Next Post

As Moscow labels WWF “undesirable”, WWF Russia cuts ties with group

As AI “Besties” rise, can we hold on to what makes us human? – Psychology Today

As AI “Besties” Become Our New Norm, Can We Still Preserve What Makes Us Truly Human?

August 9, 2025
US Economic Growth Shows Cracks – Real Investment Advice

US Economic Growth Confronts Fresh Challenges on the Horizon

August 9, 2025
‘Paying homage to Kansas’: Singer-songwriter Dallas Pryor shares music journey – The Topeka Capital-Journal

Honoring Kansas: Singer-Songwriter Dallas Pryor Shares His Inspiring Musical Journey

August 9, 2025
Excessive screen time among youth may pose heart health risks – www.heart.org

Too Much Screen Time in Youth Could Harm Heart Health

August 9, 2025
The Almanac of American Politics on Maryland’s shifting challenges, faces and power bases – Maryland Matters

Maryland’s Shifting Challenges, Influential Faces, and Emerging Power Centers: An In-Depth Exploration

August 9, 2025
Brazil’s environment minister Marina Silva says President Luis Inacio Lula da Silva’s objective is to ensure that ‘the economy does not compete with ecology, but rather they are part of the same equation’ – IslanderNews.com

Brazil’s Environment Minister: President Lula’s Bold Vision to Unite Economy and Ecology for a Sustainable Future

August 9, 2025
Bye bye, bifocals? New eye drops can fix farsightedness – Popular Science

Say Goodbye to Bifocals: Revolutionary Eye Drops Promise a Cure for Farsightedness

August 9, 2025

Sweet 16 Celebration: USU’s Science Unwrapped Launches an Exciting New Chapter on September 19

August 9, 2025
Capricorn Daily Horoscope Today (Dec 22-Jan19), August 9, 2025: Lifestyle will be refined! – India Today

Embrace Elegance and Insight: Your Capricorn Horoscope for August 9, 2025

August 9, 2025
Preparing Students for the Technology of Tomorrow – Drug Topics

Preparing Students Today to Thrive in Tomorrow’s Tech-Driven World

August 9, 2025

Categories

Archives

August 2025
MTWTFSS
 123
45678910
11121314151617
18192021222324
25262728293031
« Jul    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (762)
  • Economy (785)
  • Entertainment (21,662)
  • General (16,374)
  • Health (9,825)
  • Lifestyle (795)
  • News (22,149)
  • People (786)
  • Politics (795)
  • Science (15,998)
  • Sports (21,282)
  • Technology (15,765)
  • World (768)

Recent News

As AI “Besties” rise, can we hold on to what makes us human? – Psychology Today

As AI “Besties” Become Our New Norm, Can We Still Preserve What Makes Us Truly Human?

August 9, 2025
US Economic Growth Shows Cracks – Real Investment Advice

US Economic Growth Confronts Fresh Challenges on the Horizon

August 9, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version