UN Official: 52 Countries Near to Default on Debt, Facing Major Crises

The Administrator of the United Nations (UN) Development Program, Achim Steiner, confirmed that the G20 countries need to restructure debts or take measures to reduce debts.

Achim Steiner stated that 52 countries in the developing world are on the verge of defaulting on debt or facing major crises.

He added that the failure of developed countries to fulfil commitments they made a decade ago to pay $100 billion annually to finance combating climate change for developing countries was a "farce".

Rich countries, which bear the greatest responsibility for global warming, have not yet implemented a pledge dating back to 2009 to provide $ 100 billion annually to help developing countries deal with the consequences of increasing global temperatures.