The United Nations’ Development Programme (UNDP) joined on Tuesday the chorus of institutions and charities warning that a serious debt crisis is now taking hold in the poorest parts of the world.
In a new report, the UNDP estimated that 54 countries, accounting for more than half of the world’s poorest people, now needed immediate debt relief to avoid even more extreme poverty and give them a chance of“A serious debt crisis is unfolding across developing economies, and the likelihood of a worsening outlook is high,” the report published on Tuesday said.
Achim Steiner, UNDP administrator, urged a string of measures, including writing off debt, offering wider relief to greater numbers of countries and even adding special clauses to bond contracts to provide breathing space during crises. Without effective debt restructuring, poverty will rise and desperately needed investments in climate adaptation and mitigation will not happen.
Its proposal was to expand the Common Framework’s eligibility so that all heavily indebted countries could utilize it rather just the 70 or so poorest countries, and for any debt payments to be automatically suspended during the process.
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