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The United Nations Development Programme (UNDP) estimates that 54 countries now need immediate debt relief to avoid even more extreme poverty while giving them a chance of dealing with climate change. The region accounts for more than half of the world’s poorest people.
According to the findings of a new report published, the likelihood of a worsening outlook is high. Achim Steiner, the UNDP administrator, urged a string of measures, including writing off debt, offering wider relief to greater numbers of countries, and even adding special clauses to bond contracts to provide breathing space during crises.
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The warning comes as the International Monetary Fund and World Bank hold meetings in Washington this week amid rising global recession worries and a crop of debt crises from Sri Lanka and Pakistan to Chad, Ethiopia, and Zambia. The UNDP’s report also called for a recalibration of the G20-led Common Framework – the plan designed to help countries pushed into financial trouble by the pandemic to restructure debt. Only Chad, Ethiopia and Zambia have used it so far.
