In a statement released to correspondents in New York, the UN denounced the Houthis’ targeting of merchant and commercial vessels in the key waterway which includes the Suez Canal and reported attacks against military vessels.
Rebeca Grynspan, Secretary-General of the UN Trade and Development body, UNCTAD.
UNCTAD chief Rebeca Grynspan said that today’s global financial architecture comes at a high cost to developing countries who suffer from chronic under-investment.
There is still no universal safety net to shield countries from external shocks, or any multilateral financial system to provide affordable long-term resources at scale, Ms. Grynspan continued.
UNCTAD data shows that 3.3 billion people live in countries that spend more on servicing their debt than on health or education.
In 2023, the average developing country spent 16 per cent of their export earnings to service their debt, which is more than three times the limit set for Germany’s post-war reconstruction, Ms. Grynspan explained at the start of the UN agency’s International Debt Management Conference seeking solutions for the management of public debt, transparency and good governance.