UN report: Middle East conflict threatens development in developing countries

A new report issued by the UNDP revealed that efforts by low- and middle-income countries to mitigate the impacts of the conflict in the Middle East are imposing significant financial strains, particularly in the area of energy security.

The UNDP stated that developing countries have resorted to fuel subsidies, price caps, and other measures to cushion the effects of rising energy prices; however, these policies are reducing investments allocated to development.

For his part, UNDP Administrator 

Alexander De Croo said governments are being forced to divert resources that were originally intended for schools, hospitals, and clean energy to address the consequences of the crisis, warning that the absence of international support will affect the future growth of these countries.

The report noted that around half of the world’s poorest countries are either in debt distress or at risk of falling into it, amid persistently rising debt servicing costs.

The report was released in conjunction with the Hamburg Sustainability Conference, which brings together policymakers, academic experts, and civil society representatives annually to promote international cooperation and launch partnerships supporting sustainable development.

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ANHA