Connect with us

Headlines

UN: 54 poor nations urgently need debt relief

Published

on

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”.

Advertisement

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.

Advertisement

“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.

Advertisement

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.

Advertisement

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.

Advertisement

– ‘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.

Advertisement

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.”

Advertisement

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.

Advertisement

“Prevention is better than treatment and certainly… much, much cheaper than having to deal with a global recession,” he said.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Headlines

Noble Ladies Champion Women’s Financial Independence at Grand Inauguration in Abuja

Published

on

Women from diverse backgrounds across Nigeria and beyond gathered at the Art and Culture Auditorium, Abuja, for the inauguration and convention of the Noble Ladies Association. The event, led by the association’s Founder and “visionary and polished Queen Mother,” Mrs. Margaret Chigozie Mkpuma, was a colourful display of feminine elegance, empowerment, and ambition.

The highly anticipated gathering, attended by over 700 members and counting, reflected the association’s mission to help women realise their potential while shifting mindsets away from dependency and over-glamorization of the ‘white collar job.’ According to the group, progress can be better achieved through innovation and creativity. “When a woman is able to earn and blossom on her own she has no reason to look at herself as a second fiddle,” the association stated.

One of the association’s standout initiatives is its women-only investment platform, which currently offers a minimum entry of ₦100,000 with a return of ₦130,000 over 30 days—an interest rate of 30 percent. Some members invest as much as ₦1 million, enjoying the same return rate. Mrs. Mkpuma explained that the scheme focuses on women because “women bear the greater brunt of poverty” and the platform seeks “to offer equity in the absence of economic equality.”

Advertisement

Education is also central to the Noble Ladies’ mission, regardless of age. Their mantra, “start again from where you stopped,” encourages women to return to school or upgrade their skills at any stage in life. The association believes that financial stability is vital in protecting women from cultural practices that dispossess widows of their late husbands’ assets, while also enabling them to raise morally and socially grounded families.

Founded on the vision of enhancing women’s skills and achieving financial stability, the association rests on a value system that discourages pity and promotes purpose. “You have a purpose and you build on that purpose to achieve great potentials and emancipation,” Mrs. Mkpuma said.

A criminologist by training and entrepreneur by practice, she cautions against idleness while waiting for formal employment. “There are billions in the informal and non-formal sectors waiting to be made,” she said, rejecting the “new normal of begging” and urging people to “be more introspective to find their purpose in life and hold on to it.”

Advertisement

Mrs. Mkpuma’s management style keeps members actively engaged, focusing on vocational skills and training to prepare them for competitive markets. She is exploring “innovative integration of uncommon technologies” and is already in talks with international franchises to invest in Nigeria, with Noble Ladies as first beneficiaries.

The association’s core values include mutual respect, innovation, forward-thinking, equal opportunity, and financial emancipation. With plans underway to establish a secretariat in the heart of Abuja, the group aims to expand its impact.

The event drew high-profile guests, including former Inspector General of Police, Mike Okiro, and a host of VIPs, marking a significant milestone in the association’s drive for women’s empowerment.

Advertisement
Continue Reading

Headlines

NEPZA, FCT agree to create world-class FTZ environment

Published

on

NEPZA, FCT agree to create world-class FTZ environment

The Nigeria Export Processing Zones Authority (NEPZA) has stepped in to resolve the dispute between the Federal Capital Territory Administration and the Abuja Technology Village (ATV), a licensed Free Trade Zone, over the potential revocation of the zone’s land title.
Dr. Olufemi Ogunyemi, the Managing Director of NEPZA, urged ATV operators and investors to withdraw the lawsuit filed against the FCT administration immediately to facilitate a roundtable negotiation.
Dr. Ogunyemi delivered the charge during a courtesy visit to the Minister of the Federal Capital Territory, Barrister Nyesom Wike, on Thursday in Abuja.
You will recall that the ATV operators responded to the revocation notice issued by the FCT administration with a lawsuit.
Dr. Ogunyemi stated that the continued support for the growth of the Free Trade Zones Scheme would benefit the nation’s economy and the FCT’s development, emphasizing that the FCT administration recognized the scheme’s potential to accelerate industrialisation.
Dr. Ogunyemi, also the Chief Executive Officer of NEPZA, expressed his delight at the steps taken by the FCT minister to expand the economic frontier of the FCT through the proposed Abuja City Walk (ACW) project.
Dr. Ogunyemi further explained that the Authority was preparing to assess all the 63 licensed Free Trade Zones across the country with the view to vetting their functionality and contributions to the nation’s Foreign Direct Investment and export drives.
“I have come to discuss with His Excellency, the Minister of the Federal Capital Territory on the importance of supporting the ATV to succeed while also promoting the development of the Abuja City Walk project. We must work together to achieve this for the good of our nation,” he said.
On his part, the FCT Minister reiterated his unflinching determination to work towards President Bola Ahmed Tinubu’s Renewed Hope Agenda by bringing FDI to the FCT.
“We must fulfil Mr. President’s promises regarding industrialization, trade, and investment. In this context, the FCT will collaborate with NEPZA to review the future of ATV, a zone that was sponsored and supported by the FCT administration,” Wike said.
Barrister Wike also said that efforts were underway to fast-track the industrialisation process of the territory with the construction of the Abuja City Walk.
The minister further said the Abuja City Walk project was planned to cover over 200 hectares in the Abuja Technology Village corridor along Airport Road.
According to him, the business ecosystem aimed to create a lively, mixed-use urban center with residential, commercial, retail, hospitality, medical, and institutional facilities.
He added that the ACW would turn out to be a high-definition and world-class project that would give this administration’s Renewed Hope Agenda true meaning in the North-Central Region of the country.
Barrister Wike also indicated his continued pursuit of land and property owners who failed to fulfil their obligations to the FCT in his determination to develop the territory.

Continue Reading

Headlines

Benue IDPs block highway, demand return to ancestral homes

Published

on

Vehicular movement along the Yelwata axis of the Benue–Nasarawa highway was brought to a standstill on Wednesday as Internally Displaced Persons, IDPs, staged a protest, demanding immediate return to their ancestral homes.

The protesters, believed to be victims of persistent attacks by suspected herdsmen, blocked both lanes of the busy highway for several hours, chanting “We want to go back home”.

The protest caused disruption, leaving hundreds of motorists and passengers stranded.

Advertisement

Eyewitnesses said the displaced persons, many of whom have spent years in overcrowded IDP camps, are expressing deep frustration over the government’s delay in restoring security to their communities.

“We have suffered enough. We want to return to our homes and farms,” one of the protesters told reporters at the scene.

Security personnel were reportedly deployed to monitor the situation and prevent any escalation, though tensions remained high as of press time.

Advertisement

Efforts to reach the Benue State Emergency Management Agency, SEMA, and other relevant authorities for comment were unsuccessful.

Continue Reading

You May Like

Copyright © 2025 Acces News Magazine - All Right Reserved.

Verified by MonsterInsights