Economy

UN boss Guterres faults wealthy nations for causing debt distress on Africans and must pay

The United Nations (UN) has faulted the developed economies around the world for causing debt distress in 25 Least Developed Countries (LDCs), the majority of which are from Africa.

This was revealed during the ongoing UN Conference on LDC in Doha, Qatar, a four-day conference that is expected to end on Thursday, March 9.

According to the UN Secretary-General Antonio Guterres, the mess has been created by wealthy nations to serve their own interest and they must pay for it.

He termed the situation “extremely unfair” to LDCs who are paying interest rates eight times higher than the wealthy nations while sourcing credit from multilateral lenders.

“Today, 25 developing economies are spending over 20 percent of government revenues solely on servicing debt,” said Guterres.

Guterres said these states have been handed the rawest of deals and urgently need support to achieve Sustainable Development Goals (SDGs) through an injection of at least $500 million yearly.

Lawrence Baraza

Lawrence Baraza is a dynamic journalist currently overseeing content at Metropol TV Digital. With a keen focus on business news and analytics, Lawrence guides the platform in delivering insightful, data-driven content that empowers its audience to make informed decisions. Lawrence’s commitment to quality and his ability to anticipate market trends make him a key figure in the digital media landscape. His work continues to shape the way business news is consumed, making a significant impact in the field.

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