Arab Press

بالشعب و للشعب
Monday, Jul 27, 2026

UN Development Chief Raises Alarm Over Debt Distress

UN Development Chief Raises Alarm Over Debt Distress

A top UN official has warned that "urgent" measures are needed to help 52 countries facing debt repayment problems that put some at risk of default.
A top UN official has warned that "urgent" measures are needed to help 52 countries facing debt repayment problems that put some at risk of default.

Achim Steiner, head of the United Nations Development Programme, told AFP that 25 of the 52 were spending more than a fifth of government revenues servicing external debt.

"The situation right now for developing countries when it comes to national debt is indeed very, very serious," Steiner said in an interview on the sidelines of the Least Developed Countries (LDCs) summit in Doha on Saturday.

The UN agency estimates that "52 countries are either in debt distress or one step away from debt distress and potential default," he said.

Steiner did not name the countries involved but the UNDP last week released a report which called for a 30 percent write-off of external debt for 52 countries at 2021 values.

The 52 included Argentina, Lebanon and Ukraine alongside 23 countries from sub-Saharan Africa, 10 from Latin America and the Caribbean, and eight from East Asia and the Pacific.

Steiner said "the financial markets are not paying enough attention" as the 52 account for only three percent of global external debt, but one sixth of the world's population.

Development Shocks

Twenty-five countries spending one fifth of government revenues on debt servicing is "not sustainable", he added.

"Therefore, we have called very clearly for urgent ways to inject liquidity while also restructuring and rescheduling debts, because otherwise we may see country after country falling into that territory of debt distress."

On Saturday, UN Secretary General Antonio Guterres slammed the world's rich countries and energy giants for burdening LDCs with "predatory" interest rates.

Poor nations' debt has multiplied over the past decade because of the coronavirus pandemic, high food and fuel bills and financial crises.

Several have defaulted over the past two years.

Steiner said that African countries such as Nigeria, Mali and Burkina Faso have lost up to 20 years of development progress amid a rise in political violence and government failures to provide basic services, security, health and education.

He said total debt was difficult to establish as more than 60 percent is owed to private creditors.

"Now you have the war in Ukraine, you have the impact on the global food and energy prices and particularly when it comes to debts, the impact of inflation is driving interest rates up," he said.

Rising fuel costs have caused "a short-term shock" for countries struggling to maintain basic fiscal stability, according to Steiner.

And they face growing pressure to invest in renewable energy and combating climate change, the UN official added.

"Inevitably, the ability of poorer countries and middle-income countries to significantly expand in clean energy infrastructure... is being affected," he said, calling for greater international investment in "clean and affordable electricity" for poorer nations.

Steiner said that energy security has become such a hot international topic in the past two years that he expected an "exponential increase" in investment in clean energy infrastructure in the next five years.
Comments

Oh ya 3 year ago
Strange they did not mention the USA. 125% debt to GDP, 31 Trillion in debt and borrowing money every year because they can not balance the budget. But the countries that were buying government debt are starting to sell it and not buy new debt. When the USA can not sell its bonds the shit will hit the fan for the American people. Pensions and free stuff will disappear. And 2nd name one country that is run by blacks that is not a shit hole, just one

Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Following OpenAI's Cyberattack: 'Most Companies Still Do Not Understand What Is Coming'
OpenAI Sued After ChatGPT Allegedly Discouraged Emergency Care Before Near-Fatal Embolism
Miliband Sets Climate and International Law at Centre of UK Diplomacy
Pentagon Discloses Nearly 100 US Troop Injuries During Renewed Iran Fighting
Trump Readies New Tariffs as Temporary Global Levy Nears Expiry
High Prices Push Coffee Drinkers Toward Whole Beans and Home Brewing
Trump Draws Boos and Podium Scrutiny at Spain’s World Cup Triumph
Spain Defeats Argentina in Extra Time to Win Second World Cup
Turkey Explores S-400 Transfer to UAE in Bid to Rejoin F-35 Program
US Retaliates Against Iran After Two American Troops Killed in Jordan
Proposed U.S.-Saudi Nuclear Pact Could Permit Limited Uranium Enrichment Under International Safeguards
Why Kentucky Fried Chicken Became KFC—and Why the False Explanations Persist
Iran Claims It Destroyed Bahrain’s Main Artificial Intelligence Center in Missile and Drone Strike
Ukrainian Drones Strike Wildberries Warehouses Deep Inside Russia
Reported CIA Mission Helped Clear the UAE’s Path to Advanced US AI Chips
Artificial Intelligence Capital Fuels Markets While Governments and Regulators Face Mounting Strategic Tests
China’s Moonshot’s Kimi K3 Narrows the Gap With Anthropic Through Scale, Openness and Lower Cost
The Ledger Will Not Trust on Faith
Passenger Bound for Germany Refused to Sit Beside a Woman on a Plane — Then Slapped a Flight Attendant
Ukraine’s Leadership Rift Spills Into the Streets as Protesters Target Army Chief
The Ten World Cup Finals That Defined Football History
Smartphones Are Getting More Expensive, Sales Are Collapsing, and Even Apple Admits: "Prices Will Rise"
Leadership Change and Strategic Rivalry Redraw the Political Map
The AI Race Enters Its Infrastructure Era
Britain Nationalises British Steel to Protect Scunthorpe Production and Strategic Supply
Thomas Tuchel Faces Fierce Backlash After Tactical Retreat Costs England World Cup Final Berth
A Quiet Bastille Day: France Grapples with World Cup Heartbreak and Leftover Fireworks
Spain in Ecstasy: "We Feel Unbeatable, We Taught the Whole World a Lesson"
Harvard Astrophysicist to Lead U.S. Scientific Advisory on Unidentified Aerial Phenomena
Emergency Sirens Activated Across Bahrain as Interior Ministry Issues Shelter Directives
World Cup Visitors Turn American Big-Box Stores Into Souvenir Stops
Netflix Weighs Always-On Channels, Bundles and Short-Form Video
The AI Invoice Shock: Layoffs Didn't Save Managers Money — They Cost Them More
Concern: Sexually Transmitted Bacterium Among Men Develops Antibiotic Resistance
Passenger Partially Pulled Out of Ryanair Jet After Cabin Window Fails Mid-Flight
Severe Heatwave Drives Dangerous Ground-Level Ozone Pollution Across Two Thirds of European Union
The Physical and Electronic Barriers Disrupting Domestic Wireless Networks
France and Morocco Open World Cup Quarter-Finals as Collina Defends Refereeing
Tech Pulse: The Future of AI and Screen Culture
Global News Briefing: Escalating Geopolitical Tensions and Corporate Shakeups
Global News Brief: Escalating Conflicts, Public Health Crises, and World Cup Drama
Europe's Growing Struggle with Extreme Heat and Air Conditioning
Anthropic Reengineers Agentic Architecture to Shift Autonomous Workplace Automation to the Cloud
Logic Flaw in Windows 11 Permission Architecture Silently Consumes Hundreds of Gigabytes of Local Storage
Apple Advances Late-Stage Operating Systems with Fourth Beta Deployments
Global Crisis Alert: Escalating Middle East Tensions and UK Political Upheaval
Japanese Technology Firm Fujitsu Launches Advanced Artificial Intelligence Tool for Corporate Disclosures
South Africa Officially Launches Nationwide Campaign for Highly Contested Local Government Elections
United Kingdom Commits Additional Funding for Unexploded Ordnance Clearance in Laos
Singapore Announces Stringent New Greenhouse Gas Regulations for Commercial Cooling Systems
×