DOHA, March 5 — A top UN official has warned that “urgent” measures are needed to help 52 countries facing debt repayment problems that put some at risk of default. Achim...
DOHA, March 5 — A top UN official has warned that “urgent” measures are needed to help 52 countries facing debt repayment problems that put some at risk of default.
The UN agency estimates that “52 countries are either in debt distress or one step away from debt distress and potential default,” he said. Steiner said “the financial markets are not paying enough attention” as the 52 account for only three per cent of global external debt, but one sixth of the world’s population.Twenty-five countries spending one fifth of government revenues on debt servicing is “not sustainable”, he added.
Poor nations’ debt has multiplied over the past decade because of the coronavirus pandemic, high food and fuel bills and financial crises.Steiner said that African countries such as Nigeria, Mali and Burkina Faso have lost up to 20 years of development progress amid a rise in political violence and government failures to provide basic services, security, health and education.
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