{"id":51541,"date":"2023-06-27T10:45:41","date_gmt":"2023-06-27T10:45:41","guid":{"rendered":"https:\/\/www.africa-press.net\/uganda\/all-news\/world-bank-to-pause-debt-repayments-in-times-of-disaster"},"modified":"2023-06-27T12:00:44","modified_gmt":"2023-06-27T12:00:44","slug":"world-bank-to-pause-debt-repayments-in-times-of-disaster","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/uganda\/all-news\/world-bank-to-pause-debt-repayments-in-times-of-disaster","title":{"rendered":"World Bank to pause debt repayments in times of disaster"},"content":{"rendered":"

Africa-Press – Uganda. <\/strong><\/span>The increasing occurrence of natural disasters, primarily in poor countries, has prompted the World Bank to create an allowance where debt repayments can be paused in times of crises.<\/p>\n

The World Bank revealed this during the Finance Summit in Paris, France, noting that this will ease crisis financing for low developing countries and help governments build advance emergency systems.<\/p>\n

\u201cWe work to make people better prepared for threats of any kind by sharing our expertise, building resilience, and insuring against risks,\u201d a World Bank statement, said, noting that \u201cto allow countries focus on meeting urgent needs of their people instead of on loan repayments, the World Bank had launched climate resilient debt clauses.<\/p>\n

However, the World Bank did not indicate whether it had plans to write off debts, even as a number of participants including Carly Munnelly, a senior adviser at Save the Children, said that while pausing debt repayments was helpful, \u201cit is insufficient to address the crippling debt burden faced by many countries today, which are undermining governments\u2019 capacity to invest in health, education, and other rights\u201d.<\/p>\n

Countries such as Uganda have already indicated that the debt burden has constrained investment in key sectors of the economy with the largest portion of tax revenue going to debt repayments.<\/p>\n

\u201cThe increase in the debt service … takes away money from the budget which would have funded other government priorities such as health and education,\u201d Finance Minister Matia Kasaija, said during his Budget speech.<\/p>\n

Uganda now plans to access climate and green financing, leverage private equity for infrastructure investments and scale up public private partnerships to make its debt sustainable.<\/p>\n

Additionally, it plans to limit non-concessional debt to high impact, high return projects such as Standard-Gauge Railway.<\/p>\n

During the summit, hosted by French President Emmanuel Macron, several countries unveiled measures to raise finance to fund priority sectors of their economy.<\/p>\n

A number of African economies have been weakened by Covid-19 and now dependent on borrowing.<\/p>\n

During the summit the World Bank also launched a tool kit, which it said, will help developing countries to provide new types of insurances that will backstop development projects in crisis preparedness.<\/p>\n

\u201cThis will enable businesses to sustain operations and protect jobs, build resilience and long-term sustainability,\u201d the World Bank said.<\/p>\n

For More News And Analysis About Uganda<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Uganda. The increasing occurrence of natural disasters, primarily in poor countries, has prompted the World Bank to create an allowance where debt repayments can be paused in times of crises. The World Bank revealed this during the Finance Summit in Paris, France, noting that this will ease crisis financing for low developing countries […]<\/p>\n","protected":false},"author":84,"featured_media":51540,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,240,234],"class_list":["post-51541","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-uganda","tag-uganda"],"yoast_head":"\nWorld Bank to pause debt repayments in times of disaster - Uganda<\/title>\n<meta name=\"description\" content=\"The increasing occurrence of natural disasters, primarily in poor countries, has prompted the World Bank to create an al ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/uganda\/all-news\/world-bank-to-pause-debt-repayments-in-times-of-disaster\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"World Bank to pause debt repayments in times of disaster\" \/>\n<meta property=\"og:description\" content=\"The increasing occurrence of natural disasters, primarily in poor countries, has prompted the World Bank to create an al ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/uganda\/all-news\/world-bank-to-pause-debt-repayments-in-times-of-disaster\" \/>\n<meta property=\"og:site_name\" content=\"Uganda\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-27T10:45:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-27T12:00:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2023\/06\/sm_1687850938.602034.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/world-bank-to-pause-debt-repayments-in-times-of-disaster#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/world-bank-to-pause-debt-repayments-in-times-of-disaster\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"World Bank to pause debt repayments in times of disaster\",\"datePublished\":\"2023-06-27T10:45:41+00:00\",\"dateModified\":\"2023-06-27T12:00:44+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/world-bank-to-pause-debt-repayments-in-times-of-disaster\"},\"wordCount\":397,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/world-bank-to-pause-debt-repayments-in-times-of-disaster#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2023\/06\/sm_1687850938.602034.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Uganda\",\"uganda\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/uganda\/all-news\/world-bank-to-pause-debt-repayments-in-times-of-disaster#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/world-bank-to-pause-debt-repayments-in-times-of-disaster\",\"url\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/world-bank-to-pause-debt-repayments-in-times-of-disaster\",\"name\":\"World Bank to pause debt repayments in times of disaster - 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