Developing Nations Need $2.5 Trillion Coronavirus Package: U.N

GENEVA — Developing countries will need a $2.5 trillion support package this year to face the economic crisis caused by the coronavirus pandemic, a U.N. report said on Monday.

Their economies will take “enormous hit” from high capital outflows, lost export earnings due to falling commodity prices and currency depreciations, with an overall impact likely worse than the 2008 crisis, the report said.

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Needed measures will include a $1 trillion liquidity injection and a $1 trillion dollar debt relief package, according to the paper by the U.N. Conference on Trade and Development (UNCTAD).

Another $500 million will be needed for emergency health services and related programmes, on top of capital controls, the report added.