Global crises have put developing countries in debt repayment crisis, Photo: File
Geneva: A United Nations report has warned that global crises, including the coronavirus and rising oil prices, have increased the debt repayment difficulties of 54 poor countries, prompting these countries to urgently address the issue. Debt relief should be given.
According to the world news agency, the United Nations Development Program monitoring agency “UNDP” has emphasized the need for immediate debt relief to 54 countries including Pakistan.
The UNDP has revealed in a report that 54 countries are currently heavily indebted and are facing a serious payment crisis, which has increased the risks of these countries becoming inoperable.
The report says that without immediate debt relief, at least 54 countries will see further increases in poverty levels. These countries are also among the most vulnerable to climate change in the world. Investments will be urgently needed to avoid climate change so that its severity can be reduced.
The report revealed that according to available data, 46 of the 54 countries took on a total of $782 billion in public debt in 2020, with Argentina, Ukraine and Venezuela alone accounting for more than a third of this amount.
Similarly, the situation is deteriorating rapidly, at the beginning of this year there were 10 developing countries that were not in a position to lend to any country, but now the number has gone up to 19.
It should be noted that the UNDP report was published after meetings of the International Monetary Fund, World Bank, and G20 Finance Ministers in Washington, which proposed measures to address climate change impacts and debt repayments. had gone
