WASHINGTON, Oct 14 — The world’s 26 poorest countries, home to 40 per cent of the most poverty-stricken people, are more in debt than at any time since 2006 and increasingly...
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Released a week before World Bank and International Monetary Fund annual meetings get underway in Washington, the report confirms a major setback to efforts to eradicate extreme poverty and underscores the World Bank’s efforts this year to raise US$100 billion to replenish its financing fund for the world’s poorest countries, the International Development Association .
Two thirds of the 26 poorest countries are either in armed conflicts or have difficulty maintaining order because of institutional and social fragility, which inhibit foreign investment, and nearly all export commodities, exposing them to frequent boom-and-bust cycles, the report said. IDA normally is replenished every three years with contributions from World Bank shareholding countries. It raised a record US$93 billion in 2021 and World Bank President Ajay Banga is aiming to exceed that with over US$100 billion in pledges by December 6.
Debt Covid-19 Worlds Poorest Countries
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