Thursday 18th of July 2024

Developing countries burdened with debt: WB

Morning Mirror Desk »

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Developing countries are facing an economic crisis, heavy debt burdens, high inflation, and climate change. It is a crisis facing development itself, said World Bank President David Malpass.

He said this while participating in the 27th climate conference organized by the United Nations in the Egyptian city of Sharm-al-Sheikh on Friday (November 12). Representatives from about 200 countries of the world will attend this conference.

David Malpass says Developing countries are facing an economic crisis. At present, there are various reasons that are causing setbacks in development that are really unintended.

They extend to shrinking economies, extreme poverty, losses in education, stunting, limited access to electricity and clean water, high youth unemployment, and lack of infrastructure. The World Bank is deeply engaged in financing recoveries in all of these, and each reversal is made worse by climate change.

Recently highlighting the severity of climate change, the head of the World Bank said, We have dramatically grown our financing to address climate disasters such as the flooding in Pakistan. And we have dramatically grown our climate finance. Including major commitments to adaptation, we reached $32 billion in climate finance this past year, a record that was above our Glasgow target. I welcome and solicit your input on ways to increase our resources and commitment capacity.

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