The United Nations Development Programme (UNDP) on Tuesday warned that a serious debt crisis is looming that could have disastrous effects on the world’s poorest.
In a new report titled “Avoiding ‘Too Little, Too Late’ on International Debt Relief,” the UNDP estimated that 50 percent of the world’s poorest people urgently need debt relief to avert a major systemic development crisis.
“A serious debt crisis is unfolding across developing economies, and the likelihood of a worsening outlook is high,” UNDP said in the report.”Fifty-four developing economies accounting for more than half of the world’s poorest people need urgent debt relief as a result of cascading global crises.”…