The UN’s trade and development flagship meeting wrapped up Thursday evening after ringing alarm bells over debt eroding development gains. The highlight: a new hub to tackle the crisis and pave the way for reform – but can it really get creditors to the table?
Debt is crushing the developing world. Over 3.4 billion people live in countries spending more on debt interests than on education or health. Meanwhile, the multilateral system meant to help them is fraying under geopolitical rifts and financial strain. This alarm rang throughout the UN Trade and Development Conference’s quadrennial gathering in Geneva this week.
“If you look at the capital markets and bond markets…things look…