United Nations Development Programme on Tuesday joined chorus of Institutions and charities warning this is serious debt The crisis is taking hold now in the poorest parts of The world.
in new In the report, the United Nations Development Program estimated that 54 countriesAccounting for more From half of The world’s poorest peoplenow need immediate debt rest for avoid until more extreme poverty and give them a chance to deal with Climate change.
“Grand debt Crisis unfolding across developing economies, the possibility of The report said the upside expectations are high. on Tuesday said.
The warning It comes at a time when the International Monetary Fund and the World Bank are holding meetings in Washington this week in the middle rising global Recession and harvest fears of debt From Sri Lanka and Pakistan to Chad, Ethiopia and Zambia.
Achim Steiner, Administrator of the United Nations Development Program, urged a series of Measures, including writing off debtproviding wider convenience for larger numbers of countries And even the addition special Terms for bond contracts to provide breathing space during crises.
“It’s urgent for us to me step up and finding ways in that we can deal with with “These issues are before they at least become less manageable and potentially unmanageable,” he told reporters.
ineffective debt Restructuring, poverty will rise A much needed investment in Climate adaptation and mitigation will not occur.
UNDP report also Call for Recalibration of The G20 Common Framework – The Plan designed to me help countries penetrated financial The problem of restructuring the COVID-19 pandemic debt. Only Chad, Ethiopia and Zambia have used it so far.
Her suggestion was to expand the eligibility of the Common Framework so that everyone would be burdened with debt countries can use it instead of just 70 or so of the poorest countries And the for Which debt Payments will be automatically held during the process.
“Both of them will be catalysts for Creditors have to participate and maintain a reasonable schedule, and it can also remove some of Frequency caused By categorizing fears for Debtor countries said the report.
He. She also Creditors recommended should You have a legal duty Cooperat “in good Faith” in Restructuring the common framework and that countries Can offer environmentally friendly measures to encourage creditors to write down debt.
She makes a lot of “They just don’t have these countries Contribute to less, but bear highest cost ofClimate change “.
