UN: Conflict in Ukraine could lead to default in 70 countries

Rising inflation and interest rates caused by the situation around Ukraine could lead to default in 70 countries around the world.

According to TASS, this was stated on Wednesday by the head of the UN Development Program Achim Steiner.

“We are struggling to respond in a manner commensurate with the scale of the crisis. For many developing economies, there is no more money left in the piggy bank, ” the Wall Street Journal quoted him as saying at the World Economic Forum in Davos.

Under the circumstances, according to Steiner, countries, including European ones, are not acting quickly enough and are not always reasonable. “The international community is not responding quickly enough. You see that countries in Europe are cutting their budgets to help refugees in their own countries,” he said.

According to him, countries should not block the export of goods, and debtor states need urgent funding to avoid a wave of defaults.