Allow Least Developed Countries to Develop

By Anis Chowdhury and Jomo Kwame SundaramSYDNEY and KUALA LUMPUR, Aug 31 2021 (IPS) The pandemic is pushing back the world’s poorest countries with the least means to finance economic recovery and contagion containment efforts. Without international solidarity, economic gaps will grow again as COVID-19 threatens humanity for years to come. Least developed While bringing some concessions, the ‘least developed countries’ (LDCs) designation – introduced five decades ago – has not generated changes needed to accelerate sustainable development for all. Anis ChowdhuryThe United Nations (UN) General Assembly created the LDCs category for its Second Development Decade (1971-80). Its resolution sought support for its 25 poorest Member States, with Sikkim out after India’s 1975 annexation. With many others joining, the LDCs list rose to 49 in 2001. Half a century later, with only seven having ‘graduated’ – after meeting income, ‘human assets’ and economic & environmental vulnerability criteria – the 44 remaining LDCs have 14% of the world’s people. With more than two-thirds in Sub-Saharan Africa, LDCs have over half the world’s extreme poor, surviving on under US$1.9 daily. LDCs are 27% more vulnerable than other developing countries, where 12% are extreme poor. LDC criteria differ from World Bank low-income country benchmarks for concessional loan eligibility. Some LDCs – especially the resource-rich – are middle-income countries (MICs) disqual...
Source: IPS Inter Press Service - Health - Category: International Medicine & Public Health Authors: Tags: COVID-19 Development & Aid Economy & Trade Global Headlines Health Humanitarian Emergencies Sustainability TerraViva United Nations Trade & Investment Source Type: news