Sovereign Debt

Climate change is compounding the debt crisis in developing countries. UNCTAD spells out the actions necessary to safeguard the world’s sustainable development ambitions.

Projecting global growth slowing to 2.2% in 2023, UNCTAD outlines actions to avert crisis and support developing countries exposed to cascading crises of debt, health and climate due to inadequate financial support.

Commodity importers are hit hardest while fossil fuel exporters register temporary windfall gains.

Many economies of the region are facing growing pressure on their external debt positions and the rising cost of living is a growing challenge to policymakers.

Regional growth is projected to pick up in 2023 but downside risks from China's greater-than-expected slowdown, the weakness of the global economy and policy shifts in advanced economies pose concern.

Almost 60% of Africa's low-income countries are already in debt distress or at high risk of it and millions of Africans are falling back into poverty amid acute risks of food insecurity.

By UNCTAD Secretary-General Rebeca Grynspan, WTO Director-General Ngozi Okonjo-Iweala and International Trade Centre Executive Director Pamela Coke-Hamilton

Renewed partnership will help governments in the region produce and publish reliable, comprehensive and timely debt information.

The organization calls for all debt relief and restructuring to be consistent with the achievement of Agenda 2030.

A new UNCTAD project will help the African nation upgrade its debt management system and improve its capacity to record, monitor and report on public finances.