Related Articles
The United Nations is requesting more latitude from affluent nations in order to lessen the mounting debt loads of developing nations.
Thank you for reading this post, don't forget to subscribe!
According to UNDP chief Achim Steiner, “I don’t think it takes much imagination to see that this debt crisis threatens to spill over to an entrenched sustainable development catastrophe…
According to him, there is concern that the afflicted nations, notably those in Africa and Latin America, won’t be able to continue making the necessary investments to combat the coronavirus epidemic and achieve sustainable development and climate goals.
54 developing nations were recognized by UNDP as having a significant debt problem in a report released on Tuesday.
They account for more than 5% of those in extreme poverty, but making up less than 3% of the world’s economy.
The report stated: “The international community must rapidly step-up debt relief efforts to avert a growing development crisis given the global forecast of low growth and high interest rates.”
According to the report, Sri Lanka, Pakistan, Ethiopia, Zambia, and Chad were the nations most severely impacted.
