Beautiful Virgin Islands

Friday, Mar 13, 2026

UN Development Chief Raises Alarm Over Debt Distress

UN Development Chief Raises Alarm Over Debt Distress

A top UN official has warned that "urgent" measures are needed to help 52 countries facing debt repayment problems that put some at risk of default.
A top UN official has warned that "urgent" measures are needed to help 52 countries facing debt repayment problems that put some at risk of default.

Achim Steiner, head of the United Nations Development Programme, told AFP that 25 of the 52 were spending more than a fifth of government revenues servicing external debt.

"The situation right now for developing countries when it comes to national debt is indeed very, very serious," Steiner said in an interview on the sidelines of the Least Developed Countries (LDCs) summit in Doha on Saturday.

The UN agency estimates that "52 countries are either in debt distress or one step away from debt distress and potential default," he said.

Steiner did not name the countries involved but the UNDP last week released a report which called for a 30 percent write-off of external debt for 52 countries at 2021 values.

The 52 included Argentina, Lebanon and Ukraine alongside 23 countries from sub-Saharan Africa, 10 from Latin America and the Caribbean, and eight from East Asia and the Pacific.

Steiner said "the financial markets are not paying enough attention" as the 52 account for only three percent of global external debt, but one sixth of the world's population.

Development Shocks

Twenty-five countries spending one fifth of government revenues on debt servicing is "not sustainable", he added.

"Therefore, we have called very clearly for urgent ways to inject liquidity while also restructuring and rescheduling debts, because otherwise we may see country after country falling into that territory of debt distress."

On Saturday, UN Secretary General Antonio Guterres slammed the world's rich countries and energy giants for burdening LDCs with "predatory" interest rates.

Poor nations' debt has multiplied over the past decade because of the coronavirus pandemic, high food and fuel bills and financial crises.

Several have defaulted over the past two years.

Steiner said that African countries such as Nigeria, Mali and Burkina Faso have lost up to 20 years of development progress amid a rise in political violence and government failures to provide basic services, security, health and education.

He said total debt was difficult to establish as more than 60 percent is owed to private creditors.

"Now you have the war in Ukraine, you have the impact on the global food and energy prices and particularly when it comes to debts, the impact of inflation is driving interest rates up," he said.

Rising fuel costs have caused "a short-term shock" for countries struggling to maintain basic fiscal stability, according to Steiner.

And they face growing pressure to invest in renewable energy and combating climate change, the UN official added.

"Inevitably, the ability of poorer countries and middle-income countries to significantly expand in clean energy infrastructure... is being affected," he said, calling for greater international investment in "clean and affordable electricity" for poorer nations.

Steiner said that energy security has become such a hot international topic in the past two years that he expected an "exponential increase" in investment in clean energy infrastructure in the next five years.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Asian Energy Security Tested as Strait of Hormuz Disruption Threatens Oil Supplies
Iran Sets Three Conditions for Ending Regional War as Diplomatic Efforts Intensify
Tesla Secures Approval to Supply Electricity Directly to Homes Across Britain
Prince William Delivers Tribute to Australia’s Naval Alliance Amid Renewed Royal Spotlight on the Country
UK Foreign Secretary Travels to Saudi Arabia to Reinforce Support for Regional Allies
Putin’s ‘Hidden Hand’ May Be Assisting Iran in Conflict With Trump, UK Defence Secretary Warns
UK Sets April Deadline for Tech Platforms to Strengthen Online Protections for Children
Elon Musk Moves Into Britain’s Energy Market as Tesla Wins Licence to Supply Power
UK Watchdog Warns Fuel Retailers Against Profiteering Amid Iran War Price Surge
Report Claims Iran Used UK Charity Network to Expand Influence
United States and United Kingdom Establish Joint Standards for Counter-Drone Technology
Iran May Be Laying Naval Mines in Strait of Hormuz, UK Warns Amid Escalating Gulf Tensions
US Deploys Bunker-Buster Bombs to UK Airbase as Iran Conflict Intensifies
British Troops in Iraq Intercept Iranian Drones Targeting Coalition Base
Release of Mandelson Files Raises Tensions as UK Seeks Stable Relations With Donald Trump
UK Documents Reveal Starmer Was Warned About Mandelson’s Epstein Links Before Ambassador Appointment
Nearly Five Hundred UK Mortgage Deals Withdrawn in Two Days as Market Volatility Forces Lenders to Reprice
Three Cargo Ships Hit Near Iran as Attacks Spread to Strategic Strait of Hormuz
Why British Police Repeatedly Declined to Investigate Jeffrey Epstein’s UK Links
UK Parliament Ends Hereditary Seats in House of Lords, Closing Chapter on Centuries of Aristocratic Lawmaking
EU and UK Urge Israel to Act Against Rising West Bank Settler Violence Amid Regional Tensions
US Senator John Kennedy Says Keir Starmer Should Not Be Trusted for Military Advice Amid Iran War Debate
UK High Court Rejects Attempt to Revive Terrorism Charge Against Kneecap Rapper
Revolut Secures Full UK Banking Licence After Multi-Year Regulatory Wait
Kentucky’s Bench Boost Powers Wildcats Past LSU in SEC Tournament Opener
British Couple Die After Being Pulled From Water at Australian Beach During Family Visit
British Airways Suspends UK Repatriation Flights as Middle East Travel Disruption Deepens
US Forces Prepare Ordnance at RAF Fairford as Strategic Bombers Deploy for Middle East Operations
Nigel Farage Faces Criticism After Saying Britain Should Stay Out of Iran War
Landmark UK Trial Begins Over Sony’s PlayStation Store Pricing
UK High Court Rejects Bid to Challenge Britain’s Chagos Islands Agreement With Mauritius
Finnish Duo Triumphs in England’s Annual Wife-Carrying Race, Winning a Barrel of Ale
How U.S. and UK National Security Strategies Are Reshaping the Global Business Landscape
Green Party Gains Momentum as Labour Shifts Toward the Political Centre
Royal Navy Destroyer HMS Dragon Sets Sail for Eastern Mediterranean as Regional Tensions Rise
UK Homebuilder Persimmon Warns Iran Conflict Could Dent Property Buyer Confidence
Roman Abramovich Signals Legal Fight if UK Seeks to Seize Chelsea Sale Funds
UK Ready to Back Emergency Oil Reserve Release as Middle East Conflict Pushes Prices Higher
Study of 40,000 Articles Sparks Debate Over Alleged Anti-Muslim Bias in UK Media
US and UK Army Chiefs Strengthen Cooperation on the Future of Armored Warfare
Britain’s Search for the Next ARM Intensifies as Startups and Investors Target the Semiconductor Frontier
Three US Strategic Bombers Arrive at RAF Fairford as Iran Conflict Intensifies
Cancer Death Rates in the UK Fall to the Lowest Level on Record
UK Government Bond Yields Retreat Slightly After Sharp Spike Triggered by Middle East Conflict
UK Chancellor Warns Middle East War Could Push Inflation Higher
UK Prime Minister Warns Iran Conflict Could Drive Up Prices and Threaten Economic Stability
Trump Declines UK Offer to Deploy Aircraft Carriers to Middle East Amid Iran Conflict
Prince Harry and Meghan Markle to Return to Australia After Seven Years for Philanthropic and Business Engagements
UK Government Signals Independence From Washington as Cooper Says Britain Does Not Agree With Trump on Every Issue
UK Experts Warn AI Chatbots Are Fueling Surge in Claims of Organised ‘Satanic’ Ritual Abuse
×