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UN: Impact of high debt on least developed countries ‘cannot be overstated’
15.04.2019 15:11 "Agro Perspectiva" (Kyiv) —
As of last week, the UNDP (United Nations Development Fund) held a a Ministerial Breakfast Meeting on least developed countries (LDCs), UN Radio reports.
As to the report, while speaking within the meeting, UNDP Administrator Achim Steiner said the impact of high levels of debt on development efforts «cannot be overstated».
«While debt financing remains an important source for achieving positive development outcomes in LDCs, the recent trends are a cause for concern,» UNDP Administrator admitted.
It is to be noted, as to the most recent International Monetary Fund (IMF)-World Bank debt sustainability analyses, 40% of LDCs and low-income countries are either within or at high risk of debt distress, while 164 others are at extreme risk.
«The trends are particularly unsettling for Sub-Saharan Africa,» he asserted.
«UNDP is supporting countries to expand their fiscal space through domestic resource mobilization efforts, amongst other instruments,» he said.
«I would like to reaffirm UNDP continued strong commitment to work with Governments, international financial institutions, other UN agencies, the private sector and other stakeholders in order to bring development financing to scale in order to ease the debt burden in LDCs», UNDP Administrator summed up.
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