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Browsing: UN Secretary-General António Guterres
- About 3.3 billion people are living in countries where debt interest payments exceed expenditure on health or education.
- African countries pay four times more for borrowing than the US and eight times more than wealthy European economies.
- UN Secretary-General António Guterres says growing debt burden is undermining global prosperity.
The United Nations has fired a warning shot on soaring global public debt, which hit record $92 trillion in 2022, saying that it risks sending more poor countries into the roiling economic crisis.
According to UN Secretary-General António Guterres, the swelling debt burden is undermining global prosperity. There has been a five-fold surge in public debt levels since 2000. Guterres says it “demands immediate action to tackle the escalating crisis affecting developing countries in particular.”
The UN Secretary-General underlined: “On average, African countries pay four times more for borrowing than the United States and eight times more than the wealthiest European …
- Through Sustainable Debt Coalition, leaders in Africa seek to address critical financing challenges faced by emerging markets and developing economies.
- They are placing particular focus on fresh financing model to address climate action and unique development needs in Africa.
- Sustainable Debt Coalition introduces a fresh consultation pathway that intersects debt, climate, and developmental concerns, fostering dialogue for innovative solutions.
There is an urgent need to adopt global financial reforms to help avert economic, environmental and social downturns, leaders from developing countries have urged, adding that this will work to achieve Sustainable Development Goals.
The Sustainable Debt Coalition
“Predictable, affordable and sustainable financing is critical to allowing African countries to get back on track to achieve the Sustainable Development Goals,” Economic Commission for Africa (ECA) Acting Executive Secretary, Antonio Pedro, said.
Antonio gave a speech at the Sustainable Debt Coalition meeting that was held in Paris in conjunction with the Summit …