Over-indebtedness will lead to greater inequalities in developing countries
The United Nations Conference on Trade and Development (UNCTAD) estimates that interest rate hikes will cost developing countries more than $800 billion in foregone revenue over the next few years.
The UN trade body expects global growth in 2023 to fall to 2.1%, compared with 2.2% forecast last September, assuming the financial fallout from rising interest rates contains panic and first quarter bank bailouts.
UNCTAD concludes that 81 developing countries (excluding China) lost $241 billion in international reserves during 2022, representing an average decline of 7%, with more than 20 countries experiencing a decline of more than 10%.
At the same time, borrowing costs, calculated through sovereign bond yields, increased from 5.3% to 8.5% for 68 emerging markets. In general, pressure on developing countries from external creditors to reduce fiscal deficits is expected to increase.
The Conference highlights that the difficulties derived from over-indebtedness will result in a development crisis and greater inequalities with 39 countries paying their external public creditors more money than they received in new loanscausing a negative impact on public investment and social protection.
Debt is being further aggravated by record profits for agricultural commodity traders, says UNCTAD, noting that “unusually large profit margins have driven higher prices, highlighting the concentration of market power”. market in key industries.
Migrant deaths in the Mediterranean increase in the first quarter of 2023
The Missing Migrants Project of the International Organization for Migration (IOM) documented the death of 441 migrants in the central Mediterranean during the first quarter of 2023, the highest number since 2017, counting only the first three months of the year.
The mounting loss of life on the world’s most dangerous sea voyage comes amid reports of delays in state-driven rescue responses and obstacles to NGO search-and-rescue vessel operations in the central Mediterranean.
IOM believes that delays in state-led rescue efforts contributed to at least six incidents this year, killing at least 127 people. The total lack of response to a seventh case claimed the lives of at least 73 migrants.
The Director General of the Organization, António Vitorino, described the current situation as “intolerable” and highlighted the need for proactive coordination led by the States in search and rescue tasks.
William O’Neill, new independent human rights expert for Haiti
The UN High Commissioner for Human Rights, Volker Türk, today appointed William O’Neill as an independent expert on human rights for Haiti.
For a renewable period of one year, the expert will be in charge of supervising the evolution of the human rights situation in the Central American nation, with the assistance of the Office of the High Commissioner and in collaboration with the United Nations Integrated Office in Haiti. (BINUH).
O’Neill, a US national, is a lawyer specializing in humanitarian, human rights and refugee law, especially in establishing and maintaining the rule of law in post-conflict situations.
The expert will also advise and provide technical assistance to the Haitian government, national human rights institutions, and civil society organizations, assisting them in their efforts to ensure respect, promotion, and protection of human rights.
He Human Rights Council adopted a resolution on April 4 calling for the appointment of an independent human rights expert for Haiti amid growing concern over the deadly gang violence that is ravaging the country, threatening livelihoods and driving hunger to Haiti. Half of the population. O’Neill’s appointment is for a renewable one-year term.
Guterres applauds Somalia’s achievements in peace, security and development
At the end of a two-day visit to Somalia, the General secretary The UN today reaffirmed the world body’s commitment to support the African nation as it advances on its path towards peace and stability.
António Guterres pointed out that “Somalia faces many challenges”, but affirmed that it brought “a message of hope and renewal” and that “the United Nations stands in solidarity with the Somali people”.
At a press conference, Guterres highlighted the achievements made by the African nation in terms of peace, security and sustainable development, after his last visit six years ago, and celebrated the Government’s commitment to the rights and representation of women by calling for the establishment of a female electoral quota of 30%.