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
Al Mayadeen's correspondent: The Lebanese Army is continuing its investigations and will later announce any information that does not affect the confidentiality of the investigation
Al Mayadeen's correspondent: It has not yet been determined whether the detainees belong to ISIS or another organization
Al Mayadeen's correspondent: Around 10 people of different nationalities, including Lebanese nationals, were detained
Al Mayadeen's correspondent: The Lebanese army arrested a number of people in the Matn area of Mount Lebanon with possession it has not disclosed
Gaza Civil Defense spokesman: We have strong indications that there are martyrs, injuries, and trapped people in the Salah al-Din area
Gaza Civil Defense spokesman: Citizens should avoid Salah al-Din Street because anyone who approaches it is at risk of being directly targeted
Gaza Civil Defense spokesman: Reality is that there is a very limited retreat of the vehicles, with the occupation forces providing cover undeer fire up to Salah al-Din Street
Gaza Civil Defense spokesman: Claims that the Israeli occupation has withdrawn from areas in the neighborhoods of al-Zaytoun, al-Tuffah, and al-Shujaiya are false
Hamas: The two delegations stressed that any negotiations must lead to the achievement of our people's goals and aspirations, foremost among which is ending the war and the complete withdrawal of enemy forces
Hamas: A delegation from the Hamas leadership, led by the head of the leadership council, Mohammad Darwish, met with an Islamic Jihad delegation, headed by its Secretary-General, Ziyad al-Nakhalah

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

Hezbollah SG reveals war details on Al Mayadeen for the first time

Hezbollah SG reveals war details on Al Mayadeen for the first time

  • Politics
  • 8 Jul 2025
Major ambush in Gaza kills 6 Israeli troops, injures dozens

Major ambush in Gaza kills 5 Israeli troops, injures 14

  • Politics
  • 8 Jul 2025
Israeli soldiers are seen in Beit Hanoun ahead of an operation by the al-Qassam Brigades, undated (Al-Qassam Brigades Military Media)

'Israel' on blast as media exposes report discrepancies in Gaza ambush

  • Palestine
  • 8 Jul 2025
Yemen Navy sinks ETERNITY C ship, shares footage of operation

Yemen Navy sinks ETERNITY C ship, shares footage of operation

  • Politics
  • 9 Jul 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
The Freedom Flotilla ship Handala as it departs for Gaza, where it aims to break the maritime blockade at a port in Syracuse, Sicily in southern Italy on July 13, 2025. (AFP)
Palestine

Freedom Flotilla's Handala departs Sicily in bid to break Gaza siege

The container ship CMA CGM Laperouse, left, docks at the Georgia Ports Authority's Port of Savannah, Sept. 29, 2021, in Savannah, Ga (AP)
Politics

US shipbuilding woes deepen as tariffs, outdated policies backfire

Gaza war raises ethical questions for ex-Obama, Biden officials
Politics

Mercenary firm tied to Gaza war crimes hires Obama-Biden PR operatives

'Israel' targets children in Gaza collecting water
Palestine

'Israel' strikes Gaza kids fetching water, blames it on 'malfunction'

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