Report Proposes $500 Billion Debt Forgiveness for Emerging Markets

A new collaborative report by the Debt Relief for a Green and Inclusive Recovery Project, released Thursday, analyzes the debt restructuring and suspension necessary for 61 emerging market and developing economies to find financial and fiscal stability. The report concluded some $520 billion dollars in debt should be forgiven to help these developing nations. Project co-chair Kevin Gallagher, director of Boston University’s Global Development Center, tells VOA’s Carol Van Dam the 61 nations, which include many African countries, need debt “haircuts” to emerge from COVID-19 and other challenges to meet climate and development goals.