Achim Steiner warns that rising debt burdens hinder poorer nations' sustainable development; calls for international financial system reform and private sector involvement.

Achim Steiner, UNDP administrator, warned that rising debt servicing burdens are hindering poorer nations' ability to achieve sustainable development goals. Countries like Ghana, Sri Lanka, and Zambia have defaulted or struggle with payments due to higher borrowing costs. Steiner called for a reformed international financial system to alleviate this crisis, while the World Bank noted the necessity for private sector involvement to meet the $4 trillion needed for development.

October 07, 2024
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