.UNDP recommends a 'pause in debt payments' to 'allow developing economies weighed down by debt to mitigate some social effects of these shocks, using resources earmarked for debt servicing.'
Successive economic shocks over the past three years—including the Covid-19 pandemic, wars and other violence, and extreme weather disasters driven by human-caused climate change—have pushed around 165 million people into poverty around the world, leaving debt-saddled nations unable or poorly prepared to deliver vital social services, a United Nations report published Friday revealed.
The policy brief recommends a"pause in debt payments" to"allow developing economies weighed down by debt to mitigate some social effects of these shocks, using resources earmarked for debt servicing."According to the report, it would cost just over $14 billion—approximately 0.009% of global gross domestic product in 2022—to"mitigate the current surge of poverty and lift out of poverty the 165 million people living on less than $3.65 a day.
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