International Desk: The global economic crisis is spreading rapidly in 54 countries where more than half of the world's poor people live. Loan assistance is urgently needed to solve this ongoing crisis. The United Nations said on Tuesday, reports AFP and Reuters.

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In a new report, the United Nations Development Program (UNDP) warns that dozens of developing countries are facing a rapidly deepening economic crisis. And in this crisis the "risk of inaction" of the global community can be dire.

At least 54 countries will experience a sharp increase in poverty if relief aid is not provided immediately, the UNDP said. At the same time, necessary investments in 'climate adaptation and crisis mitigation' are needed.

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Concerns has arisen as affected countries are most vulnerable to climate change. The UNDP released this report ahead of a meeting of the International Monetary Fund (IMF), World Bank and G-20 finance ministers in Washington that highlighted the need for swift action.

Despite repeated warnings about the global economic crisis, no significant action has been taken so far and the risk is increasing, UNDP chief Achim Steiner told reporters in Geneva.

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"This crisis is intensifying and threatens to spread to dozens of countries around the world," he said.

The agency said poor indebted countries are facing consolidated economic pressures and many find it impossible to service their debts or arrange new financing.

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According to the UNDP report, at least 46 of the 54 countries accumulated public debt of total USD 782 billion in 2020. And more than a third of this debt was taken by Argentina, Ukraine and Venezuela alone.

Sun News/MR

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