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UN: 165 million people fell into poverty in the last three years

2023-07-14 09:32:48Kosova&Bota SHKRUAR NGA REDAKSIA VOX

UN: 165 million people fell into poverty in the last three years

The COVID-19 pandemic, the cost of living crisis and the war in Ukraine have pushed 165 million people into poverty since 2020, a report published on July 13 by the United Nations (UN) said.

The UN called for consideration of a pause in debt repayment for developing countries.

Due to these crises, 75 million people are thought to have fallen into extreme poverty during the time period 2020-2023. Extreme poverty is defined as when a person lives on less than $2.15 a day.

According to a study published by the United Nations Development Program, another 90 million will fall below the poverty line of $3.65 a day.

"The poorest suffer the most and their incomes in 2023 are predicted to remain below pre-pandemic levels," the report states.

" In highly indebted countries, there is a correlation between high debt levels, insufficient social spending and an alarming increase in poverty rates," UNDP chief Achim Steiner said in a statement.

According to another UN report published on July 12, about 3.3 billion people, nearly half of humanity, live in countries where more is spent on debt service than on education and health.

And developing countries, despite having lower levels of debt, are paying more in interest, partly because of higher rates.

According to the report, the annual cost of lifting 165 million people out of poverty would be over US$14 billion.

Earlier this week, Secretary-General Antonio Guterres, who has pushed for a reform of international financial institutions, denounced "our antiquated global financial system, which reflects the colonial power dynamics of the era when it was created" ./ REL


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