An additional 1.65 million people have been pushed into extreme poverty in the worlds poorest countries after a succession of economic shocks since the Covid pandemic, according to the United Nations.
In a report highlighting the human cost of inaction, the UN Development Programme (UNDP) said low-income countries urgently needed breaks from their debt repayments to cushion the blow from soaring borrowing costs.
The sharp increase in borrowing costs means more than 20% of the worlds population 1.6 billion people now live on less than $3.65 (2.78) a day and are struggling to put food on the table.
Calling on western governments to take action, the UNDP said a debt-poverty pause was required to redirect repayments towards critical social ex…
Read the full article at: https://www.theguardian.com/world/2023/jul/14/un-agency-calls-for-debt-repayment-break-as-poverty-rates-rocket