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UN: 54 poor nations urgently need debt relief
Cascading global crises have left 54 countries — home to more than half of the world’s poorest people — in dire need of debt relief, the UN said Tuesday.
In a new report, the United Nations Development Programme warned that dozens of developing nations were facing a rapidly deepening debt crisis and that “the risks of inaction are dire”.
UNDP said without immediate relief, at least 54 countries would see rising poverty levels, and “desperately needed investments in climate adaptation and mitigation will not happen”.
That was worrisome since the affected countries were “among the most climate-vulnerable in the world”.
The agency’s report, published ahead of meetings of the International Monetary Fund, the World Bank, and also of G20 finance ministers in Washington, highlighted the need for swift action.
But despite repeated warnings, “little has happened so far, and the risks have been growing,” UNDP chief Achim Steiner told reporters in Geneva.
“That crisis is intensifying and threatening to spill over into an entrenched development crisis across dozens of countries across the world.”
The poor, indebted countries are facing converging economic pressures and many find it impossible to pay back their debt or access new financing.
– ‘Volatility’ –
“Market conditions are shifting rapidly as a synchronised fiscal and monetary contraction and low growth are fuelling volatility around the globe,” UNDP said.
The UN agency said debt troubles had been brewing in many of the affected countries long before the Covid-19 pandemic hit.
“The rapid build-up in debt over the past decade has been consistently underestimated,” it said.
The freeze on debt repayment during the Covid crisis to lighten their burden has expired and negotiations under the G20 Common Framework created during the pandemic to help heavily-indebted countries find a path to restructure their obligations has been moving at a snail’s pace.
According to available data, 46 of the 54 countries had amassed public debt totalling $782 billion in 2020, the report said.
Argentina, Ukraine and Venezuela alone account for more than a third of that amount.
The situation is deteriorating rapidly, with 19 of the developing countries now effectively shut out of the lending market — 10 more than at the start of the year.
– ‘Missing ingredient’ –
A third of all the developing economies have meanwhile seen their debt labelled as being “substantial risk, extremely speculative or default,” UNDP’s chief economist George Gray Molina told reporters.
The countries at the most immediate risk are Sri Lanka, Pakistan, Tunisia, Chad and Zambia, he said.
Gray Molina said private creditors have so far been the biggest obstacle to moving forward with needed restructuring.
But he suggested that the current market conditions could pave the way for a debt deal, as private creditors see the value of their holdings plunge by as much as 60 percent.
“When emerging market bonds trade at 40 cents on the dollar, private creditors suddenly become more open to negotiation,” he said.
“The incentives are to now join a negotiation where you might accept the haircut of 20 cents on the dollar, 15 cents on the dollar and 30 cents on the dollar.”
But willing creditors are not enough to actually nail down a much-needed debt-relief agreement, Gray Molina acknowledged.
“The missing ingredients at this moment are financial assurances from major creditor governments to clinch a deal.”
Steiner, who has repeatedly raised the alarm about the crisis, voiced hope the international community might finally recognise that action is in everyone’s shared interest.
“Prevention is better than treatment and certainly… much, much cheaper than having to deal with a global recession,” he said.
Mr Joshua Ibitomi, the Area Commander of Federal Road Safety Corps (FRSC),
Ibeju-Lekki, Epe Division, Lagos State, has warned truck drivers against speeding and reckless driving.
He gave the warning in an interview with the News Agency of Nigeria (NAN) in Ibeju-Lekki on Tuesday.
The FRSC official, who blamed speeding on the ghastly vehicle accident that occurred at Aiyetoro market in Epe
which claimed several lives and left some injured, said that with careful driving, such accident could be avoided.
He added that “the accident was as a result of speeding, reckless driving and loading of truck beyond its capacity.
“All these are factors responsible for accident when drivers are not conscious of the driving rules.
“Vehicle can develop technical fault at any time, therefore, speed limit and caution need to be applied while driving.”
He said FRSC had been sensitising drivers on the need to install speed limit device and be road conscious while driving, in line with the mandate to instill decent use of road.
Ibitomi also advised passers-by and the public to be safety conscious while walking on roadsides to avoid falling victim of accidents.
He attributed major road crashes on roads to speed limit violation, urging drivers to respect the sanctity of human life by obeying traffic rules.
He added that the FRSC had evolved measures to ensure accident-free yuletide and new year festivities in 2024
Jubilant supporters celebrated Donald Trump’s apparent victory in Florida early Wednesday as he claimed a return to the White House, despite most major news networks holding off on officially calling the race.
At an event in Palm Beach, Trump supporters reveled in the win projected by Fox News, cheering as the former president declared a “political victory that our country has never seen before.”
“I feel extraordinary,” said 68-year-old supporter Ted Sarvanis, dancing with arms in the air. “This is the greatest American political story in the history of the country.”
Joined by running mate J.D. Vance, Trump took the stage, celebrating his projected win. The atmosphere at the convention center was electric, with supporters sporting “Make America Great Again” caps and mingling in formal attire and Trump-themed clothing.
“I feel relieved. I was a little bit scared because you never know how things are going to turn out,” said Stacy Kurtz, 45.
In contrast, a far different scene unfolded for Vice President Kamala Harris’s supporters at Howard University in Washington, where they were hoping for a Democratic win.
As the night wore on and Trump gained electoral votes in key battleground states, disappointment swept through the crowd.
“I am scared, I am anxious now,” said Charlyn Anderson earlier in the evening.
Democratic watch parties in places like Atlanta and Pennsylvania grew somber as results rolled in, with Lynn Johnson, 65, expressing concern, “It’s going to be dangerous if he wins. I don’t feel safe.”
While Trump’s supporters celebrated a comeback, the mood among Democrats was marked by worry and disbelief.
“He’s a terrible candidate, so it just doesn’t make sense,” said Harris supporter Ken Brown.
The contrasting scenes highlighted the nation’s deep political divide on election night.
President Bola Tinubu has extended warm congratulations to President Donald Trump on his re-election as the 47th President of the United States, expressing optimism for stronger ties between Nigeria and the U.S. in an era of global challenges.
The congratulatory message, issued by Tinubu’s Special Adviser on Information & Strategy, Bayo Onanuga, emphasises the Nigerian leader’s hopes for a renewed partnership between the two nations.
Following his victory on Wednesday, Trump pledged to “heal” the country, marking a stunning political comeback as he edged past Kamala Harris in a closely contested election.
Tinubu, in his message, affirmed, “Together, we can foster economic cooperation, promote peace, and address global challenges that affect our citizens.”
Tinubu highlighted that Trump’s return to the White House reflects the trust and confidence of the American people in his leadership, praising their commitment to democracy.
Given Trump’s experience from 2017 to 2021 as the 45th President, Tinubu foresees a new era of “earnest, beneficial, and reciprocal economic and development partnerships between Africa and the United States.”
The Nigerian President also expressed confidence that Trump’s leadership will contribute to peace and prosperity worldwide, acknowledging America’s significant influence on global affairs.
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