• Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms & Conditions
Sunday, February 5, 2023
Flyy News
No Result
View All Result
  • Home
  • World
  • Business
  • Entertainment
  • Health
  • Food
  • Politics
  • Tech
  • Science
  • Travel
  • Fashion
  • Lifestyle
  • Home
  • World
  • Business
  • Entertainment
  • Health
  • Food
  • Politics
  • Tech
  • Science
  • Travel
  • Fashion
  • Lifestyle
No Result
View All Result
Flyy News
No Result
View All Result
Home World

A Looming Debt Crisis is Threatening Global Health Security. It is time to Drop the Debt — Global Issues

flyynews by flyynews
November 21, 2022
in World
0
The Proper Insurance policies Can Give protection to the Employees of Asia and the Pacific — International Problems
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter


  • Opinion by Jaime Atienza, Charles Birungi (geneva)
  • Monday, November 21, 2022
  • Inter Press Service

GENEVA, Nov 21 (IPS) – In this moment of profound challenge in international relations, it was understandable that the conclusion of the G20 meeting left leaders feeling relieved that the meeting took place without a breakdown. Leaders were justifiably proud too of important steps forward they made including the launch of the new pandemics fund.

But G20 leaders did not manage to resolve the fiscal crisis that threatens many low-and middle-income countries, and which risks undermining global health security because it is driving countries to slash investments in essential health services.

As the world approaches the end of 2022, no resolution mechanism to properly resolve the debt crisis has been established by either the IMF or the G20. In 24 months, the “G20 common framework” has delivered a debt relief agreement for just one country, Chad.

UNAIDS report “A pandemic triad” shows how growing debt burdens across developing countries are impairing their ability to fight and end AIDS and COVID, and their readiness for future pandemics. Half of the low-income countries in Africa are already in debt distress or at high risk of being so.

Across the world, the 73 countries which are eligible for the Debt Service Suspension Initiative have been recorded as spending on average four times as much on debt servicing as they have been able to invest in the health of their people. Only 43 of those countries have seen even a temporary suspension – totalling less than 10% the money they continued to pay back.

Two thirds of people living with HIV are in countries that received absolutely no support from the Debt Service Suspension Initiative at all during the critical 2020-2021 period. The seven Debt Service Suspension Initiative eligible countries with the largest population of people living with HIV – Kenya, Malawi, Mozambique, Uganda, Tanzania and Zambia – saw their public debt levels grow from 29% in 2011 to 74% in 2020.

According to the World Bank, “interest payments will constrain the capacity of low-income countries to spend on health, on average by 7%, and in lower middle-income countries by 10%, in 2027.”

110 out of 177 countries will see a drop or stagnation in their health spending capacity and are not set to be able to achieve pre-COVID spending levels by 2027.

During the COVID-19 pandemic, deficits increased worldwide, and debt accumulated much faster than they did in the early years of other recessions including the Great Depression and the Global Financial Crisis. The scale is comparable only to the twentieth century’s two world wars.

Government expenditure cuts are expected to take place across 139 countries in the coming years. In the case of the 73 countries that were eligible to the Debt Service Suspension Initiative, primary expenditures are expected to decline an average of 2.8% of GDP between 2020 and 2026.

This comes at a moment when economic forecasts have been downgraded by the IMF for a fourth time in a year. Austerity will mean dangerous reductions in health expenditure. To even restrain the damage will require a systemic reprioritization of public resources towards health systems.

There is a direct correlation between deepening fiscal problems and worsening health outcomes.

The COVID-19 crisis is dragging on. The impacts of the war in Ukraine on the global economy are making things worse. The HIV response is in danger, with the promise to end AIDS by 2030 under threat.

The world is not prepared today for the pandemics of to come. The international response to resolve the health financing crisis is nowhere close enough. Even as developing countries struggle with the debt crisis, the Ukraine war has led several donors to cut aid.

But there is a way out. With bold action, the health and development financing crisis can be overcome. Barbados Prime Minister Mia Mottley’s Bridgetown Agenda for action on debt, expansion of multilateral finance and effective SDR reallocation sets out the order of magnitude of response required.

There is an urgent need for debt cancellation for countries in fiscal distress, and for an effective and fast mechanism to deal with debt restructuring at scale. Health and education must be central considerations in debt negotiations.

Vital too is an expansion of the use of existing Special Drawing Rights (SDRs) from high income countries for investments in lower income countries of at least twice the 100 billion committed.

The G20 leaders’ work has not ended in Bali. The consequences of an unresolved debt crisis, and the lack of additional resources, would be disastrous for lives, livelihoods and health security. We don’t have time. No one is safe until everyone is safe.

Jaime Atienza is the Director of Equitable Financing at UNAIDS. Charles Birungi is the Senior HIV Economics, Finance and Policy Advisor.

IPS UN Bureau

Follow @IPSNewsUNBureau
Follow IPS News UN Bureau on Instagram

© Inter Press Service (2022) — All Rights ReservedOriginal source: Inter Press Service

Where next?

Related news

Browse related news topics:

Latest news

Read the latest news stories:

  • A Looming Debt Crisis is Threatening Global Health Security. It is time to Drop the Debt Monday, November 21, 2022
  • US to Fight Sexual Abuse in International Organizations Monday, November 21, 2022
  • Loss and Damage Fund Saves COP27 from the Abyss Sunday, November 20, 2022
  • COP27: Historic Loss and Damage Fund Takes COP27 to the Edge Sunday, November 20, 2022
  • Overnight blasts near Ukraine nuclear plant are ‘playing with fire!’ – UN nuclear chief Sunday, November 20, 2022
  • ‘Join forces’ for peaceful, prosperous continent, urges UN chief on Africa Industrialization Day Sunday, November 20, 2022
  • First Person: Saving lives and preventing the spread of cholera in Haiti Sunday, November 20, 2022
  • COP27 closes with deal on loss and damage: ‘A step towards justice’, says UN chief Sunday, November 20, 2022
  • From the Field: In Ukraine, ‘I have grown used to the endless fear’ Saturday, November 19, 2022
  • COP27: The Pacific Region is Under threat: We Must Act Now to Mobilise Climate Finance Friday, November 18, 2022

In-depth

Learn more about the related issues:

Share this

Bookmark or share this with others using some popular social bookmarking web sites:

Link to this page from your site/blog

<p><a href="https://www.globalissues.org/news/2022/11/21/32473">A Looming Debt Crisis is Threatening Global Health Security. It is time to Drop the Debt</a>, <cite>Inter Press Service</cite>, Monday, November 21, 2022 (posted by Global Issues)</p>

… to produce this:

A Looming Debt Crisis is Threatening Global Health Security. It is time to Drop the Debt, Inter Press Service, Monday, November 21, 2022 (posted by Global Issues)





Source_link

READ ALSO

Iran acknowledges it has detained ‘tens of thousands’ in recent protests : NPR

Train carrying hazardous chemicals derails — RT World News

Related Posts

Iran acknowledges it has detained ‘tens of thousands’ in recent protests : NPR
World

Iran acknowledges it has detained ‘tens of thousands’ in recent protests : NPR

February 5, 2023
Train carrying hazardous chemicals derails — RT World News
World

Train carrying hazardous chemicals derails — RT World News

February 5, 2023
China says suspected spy balloon over U.S. skies is a civilian airship
World

China says suspected spy balloon over U.S. skies is a civilian airship

February 5, 2023
Iran officials say Tehran prison blaze has been extinguished
World

North Macedonia honors hero also claimed by Bulgaria

February 5, 2023
Firefighters battle dozens of wildfires in Chile, death toll at 22
World

Firefighters battle dozens of wildfires in Chile, death toll at 22

February 4, 2023
Traumatized and afraid, Jenin residents are still reeling from Israeli raid
World

Traumatized and afraid, Jenin residents are still reeling from Israeli raid

February 4, 2023
Next Post
Hubble Telescope’s views of enormous spiral galaxy illuminate a big mystery

Hubble Telescope's views of enormous spiral galaxy illuminate a big mystery

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

POPULAR NEWS

Angel -Dave Curl – Official Music Video 2022

Angel -Dave Curl – Official Music Video 2022

November 17, 2022
Proud By Cytonic Rhymes – Official Music 2022

Proud By Cytonic Rhymes – Official Music 2022

November 25, 2022
Sweet Bennie Ray – Whole Lot (Official Music Video)

Sweet Bennie Ray – Whole Lot (Official Music Video)

December 22, 2022
SUPER VITAMIN C COLLECTION | STRIVECTIN

SUPER VITAMIN C COLLECTION | STRIVECTIN

December 16, 2022
Rain And Lily Pond Sounds | 10 Hours | Sleep, Relaxation | Dark Screen

Rain And Lily Pond Sounds | 10 Hours | Sleep, Relaxation | Dark Screen

November 14, 2022

About Us

Welcome to Flyy News The goal of Flyy News is to give you the absolute best news sources for any topic! Our topics are carefully curated and constantly updated as we know the web moves fast so we try to as well.

Follow us

Categories

  • Business
  • Entertainment
  • Fashion
  • Food
  • Gaming
  • Health
  • Lifestyle
  • Politics
  • Reviews
  • Science
  • Tech
  • Travel
  • World

Site Links

  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms & Conditions

Recent News

  • Chaotic cash shortage forces Nigerians to wait hours for $43
  • How to Treat a Cold or Flu With COVID-19
  • TikTok food trends spike demand and stress on workers and supplies
  • January Weekly Meal Plan #5

Copyright © 2022 Flyynews.com | All Rights Reserved.

No Result
View All Result
  • Home
  • World
  • Business
  • Entertainment
  • Health
  • Food
  • Politics
  • Tech
  • Science
  • Travel
  • Fashion
  • Lifestyle

Copyright © 2022 Flyynews.com | All Rights Reserved.

What Are Cookies
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT