A key meeting of G20 ministers in India has reportedly failed to make any progress on the issue of debt restructuring for indebted nations.
According to a report from the UN last week, more than 50 countries are now facing potential default due to their unsustainable public debt burdens. And now, the United Nations Development Programme (UNDP) has warned that global public debt has reached an all-time high of 92 trillion Dollars, largely due to the COVID-19 pandemic and rising inflation rates.
This figure represents a fivefold increase since 2000. UN secretary general antonym Guterres recently issued a grave warning about the dangers of this global debt crisis. It is estimated that over 1.65 billion people are now struggling to survive on less than 3.65 Dollars a day as a result of the debt crisis.
