'EMs need $500-bn stimulus in face of looming debt crisis'

Mounting debt remains a major threat to emerging economies, Achim Steiner, administrator of the United Nations Development Programme (UNDP), said in an interview. While efforts are being made to ease the debt burden of developing nations, progress has been too slow, he said. The veteran civil servant proposed a $500 billion stimulus package under the sustainable development goals (SDGs) of the UN secretary-general to rescue the developing world’s financial systems. Despite some efforts by multilateral development banks and developed nations to address the issue, the efforts are insufficient as they grapple with major financial instability back home, he added.

- Shashank Mattoo

Edited excerpts:

The G20 development ministers’ meeting took place in Varanasi recently. You have been calling for more funding for developing countries to help them through this economic crisis. Are you optimistic?