54 nations, including Pakistan, require urgent financial assistance

Geneva/ London: Due to the global crisis, around 54 countries’ economies are collapsing. Thus, these countries need urgent financial assistance. Pakistan, Sri Lanka, Tunisia, Chad, and Zambia are developing countries amid an economic crisis anytime soon. If the people of these countries do not receive assistance on time, the poverty in the respective countries will increase, warned the United Nations Development Programme.

The repercussions of the Russia-Ukraine conflict and the resulting fuel shortages are reverberating worldwide. International Monetary Fund, and World Bank warned that food prices are tight. They also stated that the world is on the brink of economic recession.

European countries are getting hit by fuel shortages and local citizens are protesting on the streets. In such a situation, the report prepared by the United Nations Development Programme-UNDP has said that only 54 developing countries worldwide need urgent financial assistance.

These 54 countries represent more than half of the world’s population facing poverty. The UN urged that these countries need urgent loans and that international banks and financial institutions take the initiative. The UNDP demanded that the IMF, World Bank, other financial institutions, and the rich Western countries should immediately write off the debt of these 54 countries or announce more financial aid. The crisis in these countries can be handled if the western countries and financial institutions take a timely decision. Otherwise, the situation can get out of hand, UNDP warned.

These 54 countries in need of urgent financial assistance are claimed to be primarily African countries. UNDP pointed out that these countries contribute only three per cent to the global economy.