Developing world needs $1 trillion debt write-off - UN agency

Around $1 trillion of debt owed by developing countries should be cancelled under a global deal to help them overcome the economic fallout of the COVID-19 pandemic, the United Nations Conference on Trade and Development (UNCTAD) said on Thursday.

"This is a world where defaults by developing nations on their debt is inevitable," said Richard Kozul-Wright, director of UNCTAD's Division on Globalization and Development Strategies.