Developing countries face a staggering $31 trillion debt burden, according to the latest findings shared at the United Nations Trade and Development (UNCTAD) summit in Geneva. Rebeca Grynspan, speaking on behalf of UNCTAD’s 195 member states, emphasized that 72 percent of global debt is concentrated in these nations, severely restricting their growth and development prospects.
Impact of Mounting Debt on Progress
The summit highlighted how mounting debt levels prevent countries from investing in critical infrastructure, education, and healthcare. Many of these nations struggle to manage rising interest payments, leaving little room for essential public services. UNCTAD officials called for urgent, global cooperation to restructure debt and provide more equitable financial support, so developing countries can focus on sustainable growth and poverty reduction.
Call to Action for the Global Community
Leaders at the summit urged wealthier countries and international institutions to increase support for debt relief initiatives. Solving the global debt crisis remains crucial for achieving the United Nations’ Sustainable Development Goals and ensuring a fairer, more inclusive global economy.
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