Pakistan Islamabad: United Nations Conference on Trade and Development (UNCTAD) on Monday listed Pakistan as one of the countries which is vulnerable regarding the management of its debt following rise in fuel and food prices in the country, aggravated by the war in Ukraine, Express Tribune reported on Monday.
The Covid-19 pandemic in the last two years had already reduced financial leeway of the developing countries' and increased their debt, and on top of that they have to face the rise in prices of fuels, of food and fertilisers? That's a very difficult problem, said Rebeca Grynspan, secretary-general of the United Nations Conference on Trade and Development (UNCTAD), which helps developing countries integrate into the global economy.
To add to the problems the cost of freight has shot up by 34 percent ever since Russia invaded Ukraine on February 24, according to UNCTAD.
Transportation issues and global supply chain disruptions are also driving costs and prices upwards.
Developing countries like Pakistan which is already reeling under unprecedented price rise will not be able to cope without help and need solutions for their liquidity and debt problems or they stand the risk of seeing their economies running to the ground due in part to towering debt servicing levels, said Grynspan.
(With UNI inputs)
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