Natural disaster-hit countries get automatic debt freeze option

Devastating flooding in Pakistan has pushed it to the brink of debt crisis in recent weeks and there are growing fears that far more countries will suffer more frequent catastrophes as global warming continues.

They are the result of a UK-convened working group that included G7 governments as well as the International Monetary Fund, World Bank and major U.S and European banks, investment firms and lawyers. "As well as supporting disaster resilience by freeing up cash flow, CRDCs could help avoid the liquidity challenges faced by low-income countries in such circumstances becoming costly payment defaults," ICMA said.

ICMA said while technically no country is excluded from using CRDCs, they were likely to be most suitable for low-income countries, Small Island Developing States, or other developing countries particularly vulnerable to climate change.

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