UNCTAD Secretary-General Rebecca Grynspan - FILE PHOTO
UN Trade and Development [UNCTAD] Secretary-General Rebeca Grynspan says the soaring cost of development finance is stalling progress and deepening inequalities.
She was speaking Monday at the opening of a high-level three-day meeting in Geneva, Switzerland.
Senior officials from governments, development banks, credit rating agencies and international organizations are participating in the meeting alongside finance experts and academics. They are seeking to address the high costs of finance for developing countries.
The meeting takes place in a challenging landscape of global growth that is too low to meet development needs, high levels of debt across the Global South, weak foreign investment, fragmented trade and geopolitical tensions.
High borrowing costs constrain growth and drain financial resources.
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