Developing countries hit by overlapping crises, UNDP chief warns

Rising energy costs, a super El Nino and soaring borrowing costs are increasing pressure on developing countries, with conditions nearing those of the pandemic when the G20 suspended debt payments for the poorest nations, the United Nations Development Programme said on Friday.



Global policymakers are expected to discuss the huge challenges facing developing countries at the annual meetings of the International Monetary Fund and World Bank in the Thai capital Bangkok from October 12 to 18, UNDP Administrator Alexander De Croo told reporters.



He warned events could trigger a "domino effect with many, many countries being pushed into financial distress," but stopped short of calling for a new round of debt relief.



The IMF-World Bank meetings will bring together top financial officials from around the world for talks on the global economy, AI, climate change and other challenges, as government borrowing costs hit their highest in several decades on heightened concerns about inflation as the Iran war drives up energy prices.



At the same time, the strongest El Nino weather effect since 1950 is expected to trigger more floods in some regions and droughts in others, plunging an expected 49 million more people into food insecurity by the end of 2027.