Friday, deputy secretary general Amina Mohammed launched a new report, Confront the debt crisis: 11 actions to unlock sustainable funding.
She was joined by Mahmoud Mohiengin and Paolo Gentiloni experts, as well as Rebeca Grynspan, head of the United Nations Conference on Trade and Development (Trecta).
A growing crisis
“The loan is essential for development,” said Mohammed, but today, “the loan does not work for many developing countries, more than two -thirds of our low -income countries are in debt debt or high risk. »»
The crisis accelerates, warned Ms. Grynspan.
More than 3.4 billion people now live in countries that spend more in payments of interest than for health or education – 100 million more than last year.
Payments of debt services by developing countries increased $ 74 billion in a single year, from $ 847 billion to $ 921 billion.
“The nature of this crisis is mainly linked to the increase in debt service costs,” said Mr. Gentiloni. “In practice, debt services have doubled in the past ten years.”
Prepared by the UN secretary general group of experts on debt, the report strengthens advanced commitments in the Seville compromisoThe result document of Fourth International Conference on Development Financing – Taking up next week.
A long way
The report describes 11 actions which are both technically feasible and politically viable.
Mr. Mohieldin explained that the recommendations are two key objectives: providing significant debt relief and preventing future crises.
It identifies three levels of action:
Multilateral level: Reuse and reconstruct funds to inject cash into the system, with targeted support for low -income countries.
International: Establish a platform for borrowers and creditors to engage directly.
Nationally: strengthen institutional capacity, improve policies coordination, manage interest rates and strengthen risk management.
“These are eleven proposals that are doable and that only need the political will of all actors to be able to make them real,” said Ms. Grynspan.
Publicado anteriormente en Almouwatin.
