UN official: The debt burden threatens development goals in poor countries

world are struggling to achieve the goals, a set of 17 broad goals such as tackling poverty and hunger, developing access to education and health care, providing clean energy. and biodiversity protection.

“For many of the most developed countries, they were literally cut off from the financial markets. They can’t borrow more money,” Steiner told the Hamburg Sustainability Conference, adding that they had to cut spending to avoid going into debt.

Such countries Ghana Sri Lanka and Zambia have defaulted on their debts in recent years, while other countries are struggling to make payments after a cycle of global interest rate hikes raised borrowing costs.

At the same time, the world needs trillions of dollars more each year to meet spending targets to combat climate change. Steiner said strengthening funding is “absolutely critical” to achieving the Sustainable Development Goals, something his group is closely monitoring.

The World Bank announced in July that it had begun operating a comprehensive investment lending and guarantee platform with the goal of doubling the provision of guarantees and risk insurance provided worldwide to $20 billion per year.

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Steiner said at a conference in Hamburg that the financial crisis means that countries around the world are struggling to achieve the goals, a set of 17 broad goals such as tackling poverty and hunger, developing access to education and health care, providing clean energy. and biodiversity protection.

“For many of the most developed countries, which were literally cut off from the financial markets. They can’t borrow more money,” Steiner told the Hamburg Sustainability Conference, adding that they had to cut spending to avoid going into debt.

Countries like: Ghana Sri Lanka and Zambia have defaulted on their debts in recent years, while other countries are struggling to make payments after a cycle of global interest rate hikes raised borrowing costs.

At the same time, the world needs trillions of dollars more each year to meet spending targets to combat climate change. Steiner said strengthening funding is “absolutely critical” to achieving the Sustainable Development Goals, something his group is closely monitoring.

The World Bank announced in July that it had begun operating a comprehensive investment lending and guarantee platform with the goal of doubling the provision of guarantees and risk insurance provided worldwide to $20 billion per year.