Article 6CZCM UN agency pushes for debt repayment breaks as poverty rates rocket

UN agency pushes for debt repayment breaks as poverty rates rocket

by
Richard Partington Economics correspondent
from on (#6CZCM)

Estimated 25 low-income countries spent more than 20% of their revenues on debt servicing last year

An additional 165 million people have been pushed into extreme poverty in the world's poorest countries after a succession of economic shocks since the Covid pandemic, according to the United Nations.

In a report highlighting the human cost of inaction", the UN Development Programme (UNDP) said low-income countries urgently needed breaks from their debt repayments to cushion the blow from soaring borrowing costs.

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