Global government debt reaches $313 trillion (It’s Not About ‘Climate change’ , Kind a means There Is no Money and No Means to pay it)( UN drain on the system- world bank is a drain – IMF drain – EU is drain- Nato is a drain, W.H.O. Is A drain)

23/04/24 17:47

Bishkek, 04/23/24. /Kabar/. In a growing number of countries, crises are reversing development gains, and debt service payments are hampering important social spending and development investment. This was stated by UN Secretary-General Antonio Guterres, speaking at the UN Economic and Social Council (ECOSOC) forum on financing for development.

He noted the critical importance of investment in development and highlighted the fragile situation that many developing countries face due to insufficient financing. According to Guterres, gaps in financing lead to worsening poverty, inequality, the effects of climate change, disruptions in the provision of social services and the destruction of infrastructure.

The UN chief said it is necessary to close the funding gap in efforts to achieve the Sustainable Development Goals (SDGs) , which is estimated at $4 trillion a year. Guterres called for action by developed countries to meet their commitments, increase investment and ease the debt crisis through innovative financing mechanisms and more effective debt resolution methods.

He also stressed that developing countries must be able to participate more actively in global decision-making processes. According to the UN chief, the economic and financial systems must become more inclusive and sustainable.

“We need a surge in investment to close the funding gap and give developing countries a chance to build better lives for their citizens,” Guterres said.

In turn, the President of the UN General Assembly, Dennis Francis, told forum participants that development financing is needed more than ever, especially for countries in the Global South.

He cited data that global government debt reached a “staggering” $313 trillion in 2023. Moreover, over the past decade, debt in developing countries has grown faster than in developed countries.

According to the President of the General Assembly, more than 100 countries are forced to make a choice between paying off their debts and investing in development.

Without urgent reforms and changes to unfair rules, developing countries will forever remain in a “debt trap,” Francis stressed.

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