Rising costs and El Nino push developing countries toward distress
Rising energy costs, a super El Nino and sharply higher borrowing costs are increasing pressure on many developing countries, the United Nations Development Programme said. UNDP surveys indicate the crisis affects about 100 countries and could push an estimated 49 million more people into food insecurity by the end of 2027. Governments have used subsidies and tax relief to shield citizens but are depleting fiscal buffers as they roll back support and face higher bond yields; September unrest occurred in 10 countries. Policymakers will discuss the situation at IMF-World Bank meetings in Bangkok from October 12 to 18.
About 100 countries face worsening financial stress and food insecurity.
Context
Energy prices and a strong El Nino are raising costs for many countries. UNDP surveys…
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