[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-111329-en":3,"doc-seo-111329-105":29,"detail-sidebar-cat-0-en-105":90},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":20,"is_downloadable":20,"audit_status":20,"page_count":21,"language":22,"language_code":23,"site_id":24,"html_lang":23,"table_of_contents":25,"faqs":26,"seo_title":13,"seo_description":14,"update_tm":27,"read_time":28},111329,4398048949847,"Eliana","https://ap-avatar.wpscdn.com/avatar/400002536579ef2da7f?_k=1778318612642679267",8,"Research & Report","Achim Steiner Statement - United Nations Development Programme Administrator","Statement by Achim Steiner, Administrator of the United Nations Development Programme, delivered at the 109th meeting of the Development Committee on April 19, 2024 in Washington, DC. The statement emphasizes the need for serious dialogue between developed and developing countries and highlights how global economic conditions—slow growth, high interest rates, and debt vulnerabilities—are shaping recovery prospects. It details rising public debt burdens, increasing net-interest payments, record levels of external debt servicing, and their consequences for financing priorities such as health, education, and climate support.","Public Disclosure Authorized Public Disclosure Authorized  \nDEVELOPMENT COMMITTEE  \n(Joint Ministerial Committee  \nof the  \nBoards of Governors ofthe Bank and the Fund  \non the  \nTransfer of Real Resources to Developing Countries)  \nONE HUNDRED AND NINTH MEETING WASHINGTON, DC – APRIL 19, 2024  \nDC/S/2024-0023 April 19, 2024  \nStatement by  \nAchim Steiner  \nAdministrator of the United Nations Development Programme  \nUnited Nations  \nU N I T E D N A T I O N S  N A T I O N S U N I E S  \nStatement by  \nAchim Steiner  \nAdministrator of the United Nations Development Programme  \nUnited Nations  \n109th Meeting of the Development Committee  \nApril 19, 2024  \nWashington, DC  \n“A serious conversation will be needed between developed and developing countries, between rich and emerging economies, between North and South, East and West. These efforts will require reforming institutions that were built by a bygone world, for a bygone age”.  \nAntonio Guterres  \nPriorities for 2024 at the UN General Assembly February 7, 2024  \nGlobal economic outlook: Moving beyond global averages  \nSlow growth, high interest rates and debt vulnerabilities continue to shape the global economic outlook. There is both a ‘soft landing’ narrative for advanced economies and a ‘non-soft landing’ scenario for developing and emerging economies. In addition, policymakers are starting to diverge in their responses to different moments in the macroeconomic cycle. Data points, that look beyond global averages, highlight risks and vulnerabilities that impair a robust recovery:  \n• Over the past decade, public debt as a percentage of GDP has risen more than 16 percentage points for the median developing economy, bringing debt back to levels last seen in the early 2000s. 1 Over roughly the same period, the share of private creditors in public external debt has risen from 41 to 63 percent.  \n• As a share of revenue, net-interest payments have almost doubled over the last decade for the median developing economy,—and has in the poorest region Sub-Saharan Africa now reached almost 10 percent up from 3.5 percent a decade ago.  \n• In total, 48 developing economies spend more than 10 percent of government revenue on making netinterest payments up from 28 countries a decade ago,—and for 10 countries interest payments consume more than one quarter of total revenue.  \n• Debt servicing on public external debt is also back at record levels in many countries. In 2023, total external debt servicing was estimated to be higher than 20 percent of revenue in 25 countries and this year in 24 countries,—a number of countries not seen this high since the year 2000.  \n1 Here developing economies refer to all low-and middle-income economies (as per World Bank income classification) .  \n• Especially worrying this and next year are high external debt service payments in the poorest2 countries. After a little respite in 2022, external public debt servicing for the group is expected to peak this year at $175 billion,—a more than 50 percent increase from 2022 – of which $126 billion are principal payments.  \n• While global financial market conditions have eased over the past 6 months, thereby also reestablishing market access for some countries, the group of developing economies with relatively lower credit ratings pay a high price for raising new, or refinancing existing, debt. As an example, the average yield on hard currency sovereign bonds for African issuers is still about 250 basis points higher than before COVID.  \n• In total, more than half of developing economies with a credit rating are considered below ‘noninvestment grade’3, and more than half of the poorest countries with debt sustainability assessed under the LIC-DSF4 methodology are rated either in or at high risk of debt distress.  \nThe consequences of slow growth, high interest rates and debt servicing rates continue to impact developing and emerging economies.  \n• The World Bank estimates that in IDA-eligible countries on average, ","cbCaiiQgy1nLxGcU","https://ap.wps.com/l/cbCaiiQgy1nLxGcU","pdf",206429,1,4,"English","en",105,"# Priorities for 2024 at the UN General Assembly\n## Global economic outlook: moving beyond global averages\n## Support for the WBG’ work: from Vision to Impact","[{\"question\":\"What central message does Achim Steiner emphasize in the statement?\",\"answer\":\"He stresses the need for serious dialogue between developed and developing countries and highlights reforms in institutions that were built for a past era.\"},{\"question\":\"How does the statement describe current global economic conditions affecting developing countries?\",\"answer\":\"It links slow growth, high interest rates, and debt vulnerabilities to impaired recovery, citing rising debt levels and burdens from net-interest and external debt servicing.\"},{\"question\":\"What does the statement highlight regarding debt servicing and its social and fiscal impacts?\",\"answer\":\"It notes that net-interest payments are rising sharply and that debt service costs can exceed spending on health, education, and infrastructure, limiting development 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central message does Achim Steiner emphasize in the statement?","Question",{"text":74,"@type":75},"He stresses the need for serious dialogue between developed and developing countries and highlights reforms in institutions that were built for a past era.","Answer",{"name":77,"@type":72,"acceptedAnswer":78},"How does the statement describe current global economic conditions affecting developing countries?",{"text":79,"@type":75},"It links slow growth, high interest rates, and debt vulnerabilities to impaired recovery, citing rising debt levels and burdens from net-interest and external debt servicing.",{"name":81,"@type":72,"acceptedAnswer":82},"What does the statement highlight regarding debt servicing and its social and fiscal impacts?",{"text":83,"@type":75},"It notes that net-interest payments are rising sharply and that debt service costs can exceed spending on health, education, and infrastructure, limiting development 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