Twenty five of the 52 nations were spending more than a fifth of government revenues servicing external debt. Read more at straitstimes.com.
DOHA - 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.
The UN agency estimates that “52 countries are either in debt distress or one step away from debt distress and potential default,” he said. Mr Steiner said “the financial markets are not paying enough attention” as the 52 account for only three percent of global external debt, but one sixth of the world’s population.Twenty-five countries spending one fifth of government revenues on debt servicing is “not sustainable”, he added.
Poor nations’ debt has multiplied over the past decade because of the coronavirus pandemic, high food and fuel bills and financial crises.Developing economies’ debts more than double to $12 trillion in over a decade
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