Spanish Treasury warns that shocks such as droughts or hurricanes could accelerate debt crises
Spain is pushing other wealthy countries to allow developing nations hit by famines, droughts and hurricanes to suspend debt repayments, as climate change increases the threat from natural disasters. Paula Conthe, the head of Spain’s Treasury, told the Financial Times that official and private creditors should incorporate emergency so-called pause clauses for natural disasters into all loans to poor countries, after Grenada became the world’s first country to use such a clause last month.
Madrid also wanted to make the pauses a standard feature of a G20 common framework for lending to poor nations, as well as some middle-income ones, Conthe added. It plans to make these agreements part of all concessional and commercial lending to low-income countries.
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