Australia to offer debt relief for climate-hit nations

SYDNEY: From next year, Australia will start offering natural-disaster-hit countries the chance to pause debt repayments in a bid to help stabilise climate-vulnerable Pacific neighbours. Australia's Foreign Affairs Department said that 'climate-resilient debt clauses' would be offered on sovereign loan deals 'by the end of 2025'. 'These clauses will help small and vulnerable countries build economic resilience, allowing them to pause debt repayments in the event of disasters,' a spokesperson said. 'Australia is committed to addressing climate change by taking action to support climate-vulnerable countries in our region,' the spokesperson added. — AFP