Developing nations face triple shock from energy crisis, El Niño and borrowing costs, UN warns
Source: The Guardian ·
UN’s development arm calls for urgent action as crises could ‘throw tens if not hundreds of millions back into poverty’Developing countries face a triple shock from the energy crisis, El Niño and surging borrowing costs and need urgent support from the international community, the UN’s development arm has warned.Speaking before the International Monetary Fund (IMF) and World Bank annual meetings…
From the source
Developing countries face a triple shock from the energy crisis, El Niño and surging borrowing costs and need urgent support from the international community, the UN’s development arm has warned. Speaking before the International Monetary Fund (IMF) and World Bank annual meetings in Bangkok this week, the UNDP’s administrator, Alexander De Croo, called for “solidarity and global action”. “Developing countries, their hands and legs are being pulled in different directions: it’s truly hard for them,” he said. Before the meetings, the UNDP published a report, No Time to Recover, which lays out the risks of what it calls the “compounding crises” of energy, climate and debt. Oil prices have been driven back above $100 a barrel in recent weeks since hostilities resumed in the Middle East. The report says that since the Iran war broke out earlier this year, up to 130 million of the world’s poorest people have been shielded from the full impact of high prices by emergency government…
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