Developing countries face a triple shock from the energy crisis, El Niño and surging borrowing costs and need urgent support from the international community, the UN’s development arm has warned.
Speaking before the International Monetary Fund (IMF) and World Bank annual meetings in Bangkok this week, the UNDP’s administrator, Alexander De Croo, called for “solidarity and global action”.
“Developing countries, their hands and legs are being pulled in different directions: it’s truly hard for them,” he said.
Before the meetings, the UNDP published a report, No Time to Recover, which lays out the risks of what it calls the “compounding crises” of energy, climate and debt.
Oil prices have been driven back above $100 a barrel…