Global Debt Crisis Deepens as Poorest Countries Struggle to Survive
The global debt crisis has worsened sharply, with over half of the world’s poorest countries now struggling under unsustainable debt. A recent conference in Geneva highlighted the scale of the problem, as experts warned that rising payments are squeezing essential services like health and education. Governments and international organizations gathered to discuss solutions, including new tools to manage the growing burden.
From 17 to 19 March, the 14th International Debt Management Conference took place in Geneva, drawing more than 600 participants from 107 countries. The event focused on the deepening debt crisis, with UNCTAD Secretary-General Rebeca Grynspan calling for urgent reforms to prevent further economic setbacks.
The conference underscored the severity of the debt-driven development crisis, with many nations facing impossible choices between servicing debt and funding basic needs. UNCTAD and its partners are pushing for stronger debt management systems to help countries regain financial stability. The next steps will depend on how quickly these reforms are adopted and implemented.
