Developing world economies hit hard by coronavirus

Developing world economies hit hard by coronavirus

Other commodities have also seen sharp price falls, although not generally on the scale of oil.. A decline in the value of a national currency makes it more expensive to repay, or pay interest on, debts in other currencies.. The IMF agreed to cover the payments due from 25 countries, mostly in Africa, over the next six months, from a trust fund financed by donations from member countries, including a recent pledge of $185m (£150m) by the UK.. The decision covers debt payments to G20 governments from a total of 77 countries.. The Jubilee Debt Campaign, for example, described the G20 move as a first step, but called for the payment obligations to be cancelled altogether.. The Jubilee Debt Campaign wants the rich countries to make changes to the law to prevent private creditors using the courts to sue poor countries that miss payments.. Dealing with the health issues presents particular problems in densely populated urban areas in developing countries.. Developing countries are also likely to be affected through a decline in money that migrant workers send to their families at home.. A new report by the World Bank warns that they are likely to fall by as much