UN makes call for new approach to sovereign debt crises

The United Nations has called for a new legal system to help countries resolve unsustainable debts.

The immediate spur for the call was the difficulty faced by Argentina.

The country has been subject to legal action in the US courts over a debt crisis more than a decade ago.

The approval of a UN resolution does not necessarily mean a new system will be set up, but it is a sign of international concern about potential implications of Argentina's situation.

The proposal received the support of 124 UN member countries, with 11, including the United States, voting against.

There has been a long-running debate about whether new arrangements are needed to help countries that get into a situation where they cannot maintain

UN advocates safety nets for informal sector

The United Nations, UN has advised  Nigeria to pay more attention to the informal sector of the economy. It said if well developed, the sector would make unprecedented impact on the economic development of the country.

The Economy Resident Coordinator/Representative of UNDP, Mr Daouda Toure, stated this at the validation meeting for the report on ‘Informal Sector and Economic Development in Nigeria held in Abuja.

Toure said