UN Secretary-General Issues Stark Warning on Developing World Debt: Too Little’s Been Done and Now It’s Too Late

United Nations Secretary-General Antonio Guterres issued a dark warning on Monday that too little had been done to resolve the burgeoning debt crisis in developing countries what has been so far is “too limited in scope and too late.”

Guterres told the Financial Times that because only six countries last year defaulted on their debts that it provided an “illusion” of stability and a “misperception of the seriousness of the situation.”

The Secretary-General’s comments come as the world body launched a new set of proposals on Monday to help low and middle-income countries cope with the rapidly escalating debt costs. The new plans support the International Monetary Fund’s issuance of $650 billion of Special Drawing Rights that will provide countries in Africa with an estimated $30 billion of liquidity.

Read the full story on the Financial Times website.

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The post UN Secretary-General Issues Stark Warning on Developing World Debt: Too Little’s Been Done and Now It’s Too Late appeared first on The China Africa Project.



source https://chinaafricaproject.com/2021/03/30/un-secretary-general-issues-stark-warning-on-developing-world-debt-too-littles-been-done-and-now-its-too-late/

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