• Warns that dozens of developing nations were facing a rapidly deepening debt crisis and that “the risks of inaction are dire”

Cascading global crises have left 54 countries, including Sri Lanka – home to more than half of the world’s poorest people -- in dire need of debt relief, the UN said Tuesday.  In a new report, the United Nations Development Programme warned that dozens of developing nations were facing a rapidly deepening debt crisis and that “the risks of inaction are dire”.  

 UNDP said without immediate relief, at least 54 countries would see rising poverty levels, and “desperately needed investments in climate adaptation and mitigation will not happen”.   That was worrisome since the affected countries were “among the most climate-vulnerable in the world”.  

The agency’s report, published ahead of meetings of the International Monetary Fund, the World Bank, and also of G20 finance ministers in Washington, highlighted the need for swift action.