The United Nations warned on July 7 that Sri Lanka’s agony should serve as a lesson to the rest of the globe in dealing with the global food and fuel crises.
After months of chronic gasoline and food shortages, the cash-strapped government declared bankruptcy on Tuesday. Sri Lanka has ran out of fuel, while millions of people need life-saving assistance.
As the Russia-Ukraine conflict proceeds, additional nations already burdened by the economic impact of COVID-19 may find themselves in a same scenario as Sri Lanka.
This is unless the international community decides to adopt drastic financial steps to assist debt-ridden nations, according to a statement issued by the UNDP.
“We’re witnessing a tragic series of events that are unfolding in Sri Lanka right now that should be a warning to anyone who thinks that it is up to countries themselves to figure out how to deal with this crisis,” said Achim Steiner, the UNDP’s administrator.
Many nations were rocked for 36 months, starting with the COVID-19 pandemic and the Russia-Ukraine conflict, which disrupted global food and energy supplies.
According to the United Nations Food and Agriculture Organization, the number of people impacted by hunger worldwide increased from 46 million in 2020 to 828 million last year.
“Official estimates are about 125 million people falling into poverty over about 18 months … what we found right now is that three months of inflation have drawn about 71 million people into poverty,” UNDP senior economist George Gray Molina said at a U.N. press briefing.
Source: The Epoch Times