Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Iranian Health Ministry: Israeli aggression on Iran has resulted in the martyrdom of 627 people and the injury of 4,870 others across various provinces of the country
Khatam al-Anbiya Headquarters mourns its commander, Ali Shadmani, who succumbed to severe wounds sustained during last week's Israeli aggression on Iran
Hamas: Any agreement must guarantee a cessation of aggression and war against our people, a permanent ceasefire, and a complete withdrawal of occupation forces from the Gaza Strip
Hamas: We affirm our continued positive engagement with the mediators' efforts and with any serious ideas or proposals that could lead to a comprehensive agreement
US President Donald Trump: US will talk with Iran next week
US President Donald Trump: "Israel" and Iran conflict could start again
US President Donald Trump: 52 Israeli aircraft were heading to Iran to respond to what they considered a ceasefire violation, and I asked them to turn back
US President Donald Trump: China can purchase oil from multiple countries, including Iran, and we will not prevent that
US President Donald Trump: Iran possesses significant capabilities but is currently unable to return to the nuclear path
US President Donald Trump: Iran and "Israel" fought a fierce war, and both sides agreed to end it after suffering heavy losses

52 nations in or near debt distress, risking default: UNDP chief

  • By Al Mayadeen English
  • Source: Agencies
  • 5 Mar 2023 09:27
4 Min Read

The UNDP chief says the current situation for developing countries when it comes to the national debt is "indeed very, very serious."

  • x
  • UN development chief
    UNDP head Achim Steiner in the Sudanese capital Khartoum during his visit to the country, Jan. 29, 2020 (AFP)

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 Steiner, head of the United Nations Development Programme (UNDP), told AFP that 25 countries of the 52 were spending more than a fifth of government revenues servicing external debt.

"The situation right now for developing countries when it comes to national debt is indeed very, very serious," Steiner highlighted in an interview on the sidelines of the Least Developed Countries (LDCs) summit in Doha on Saturday.

The UN agency estimates that "52 countries are either in debt distress or one step away from debt distress and potential default," he noted.

Steiner did not name the countries involved, but the UNDP, last week, released a report which called for a 30% write-off of external debt for 52 countries at 2021 values.

The 52 included Argentina, Lebanon, and Ukraine, alongside 23 countries from sub-Saharan Africa, 10 from Latin America and the Caribbean, and eight from East Asia and the Pacific.

Steiner said, "The financial markets are not paying enough attention" as the 52 countries account for only three percent of global external debt, but one-sixth of the world's population.

Read more: Chinese FM: Africa 'debt trap' allegations 'unreasonable'

According to the UNDP chief, 25 countries spending one-fifth of government revenues on debt servicing is "not sustainable".

"Therefore, we have called very clearly for urgent ways to inject liquidity while also restructuring and rescheduling debts, because otherwise we may see country after country falling into that territory of debt distress," he indicated.

Guterres urges developed countries to allocate 0.2% of income to least developed countries

UN Secretary-General Antonio Guterres called on developed countries on Sunday to allocate part of their gross national income to assist the least developed countries.

"It’s also high time that developed countries live up to their commitment to provide Least-Developed Countries with 0.15 – 0.20 per cent of their Gross National Income for Official Development Assistance," Guterres said at the 5th UN Conference on Least Developed Countries in Qatar.

Guterres added that the population of the least developed countries was facing significant challenges in key areas of life, including health, education, social protection, and job creation, especially amid rising food and energy prices.

"We have put forward an SDG Stimulus to gather the world around the need to provide at least 500 billion US dollars a year to developing countries," Guterres said.

He also noted the need to direct efforts to combat tax evasion and money laundering in order to prevent the depletion of countries' financial resources.

African countries lost up to 20 years of development progress

On Saturday, UN Secretary-General Antonio Guterres criticized the world's rich countries and energy giants for burdening least developed countries (LDCs) with "predatory" interest rates.

Poor nations' debt has multiplied over the past decade because of the coronavirus pandemic, high food and fuel bills, and financial crises. Several have defaulted over the past two years.

Steiner pointed out 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, failing to mention the repercussions of the French troops' interference in already-struggling countries.

Read more: Macron claims era of French interference in Africa is 'well over'

He added that total debt was difficult to establish as more than 60% is owed to private creditors.

"Now you have the war in Ukraine, you have the impact on the global food and energy prices and particularly when it comes to debts, the impact of inflation is driving interest rates up," the top UN official explained.

According to Steiner, rising fuel costs have caused "a short-term shock" for countries struggling to maintain basic fiscal stability, and they face growing pressure to invest in renewable energy and combating climate change.

"Inevitably, the ability of poorer countries and middle-income countries to significantly expand in clean energy infrastructure... is being affected," he said, calling for greater international investment in "clean and affordable electricity" for poorer nations.

Read more: Poorest states spend over 10% of export returns on debt: World Bank

  • Achim Steiner
  • United Nations
  • UNDP
  • United Nations Development Programme

Most Read

Iranian President Masoud Pezeshkian attends a protest following the US attacks on nuclear sites in Iran, in Tehran, Iran, Sunday, June 22, 2025. (AP)

Iran declares victory as ceasefire forces Israeli retreat

  • Politics
  • 24 Jun 2025
Israeli workers survey the site where a missile launched from Iran struck in Haifa on Sunday, June 22, 2025. (AP)

True Promise 3, wave 20: 40 missiles launched, Kheibar-Shekan in first

  • Politics
  • 22 Jun 2025
Rescue team work at the site where a missile launched from Iran struck Tel Aviv, Israel, Monday, June 16, 2025 (AP)

Wave 12 of Operation True Promise 3 launched, Sejjil deployed: IRGC

  • Politics
  • 18 Jun 2025
Iran launches strikes on Israeli targets, despite alleged ceasefire

Iran victorious as ceasefire with 'Israel' takes effect

  • Politics
  • 24 Jun 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
'Israel's' medical supply ban to Gaza threatens newborns' lives
Health

Gaza's newborns at risk as 'Israel' blocks baby formula, supplies

Tehran
MENA

Thousands rally in Tehran in support of Iranian Armed Forces

FT
Palestine

UK’s Co-op halts sales of Israeli carrots over rights violations

Israeli security forces inspect the site struck by an Iranian missile strike that killed several people, in Beer al-Sabe', Occupied Palestine, on Tuesday, June 24, 2025 (AP)
Politics

In numbers: Iran's True Promise 3 devastates 'Israel' in 12 days

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS