UN’s Global Development Chief Says '54 Poor Countries Are In Danger Of Bankruptcy’

Achim Steiner, the UN’s global development chief, sad rich countries must ‘inject targeted liquidity into countries to be able to invest in energy transitions’. Photograph: Ali Khara/Reuters 

The Guardian: ‘More than 50 poor countries in danger of bankruptcy’ says UN official  

Developing countries falling into default would be catastrophic and delay climate action, UN development chief warns  

More than 50 of the poorest developing countries are in danger of defaulting on their debt and becoming effectively bankrupt unless the rich world offers urgent assistance, the head of the UN Development Programme has warned. 

Inflation, the energy crisis and rising interest rates are creating conditions where an increasing number of countries are in danger of default, with potentially disastrous impacts on their people, according to Achim Steiner, the UN’s global development chief. 

“There are currently 54 countries on our list [of those likely to default] and if we have more shocks – interest rates go up further, borrowing becomes more expensive, energy prices, food prices – it becomes almost inevitable that we will see a number of these economies unable to pay,” he said.  

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