TANZANIA – More than 60 U.N. agencies and international organizations urged governments on Thursday to take immediate steps to address the unfolding global recession and financial crisis wrought by the coronavirus pandemic, especially in the world’s poorest countries.
The U.N.-led Inter-Agency Task Force on Financing for Development said: “Billions of people live in countries teetering on the brink of economic collapse due to the explosive mix of financial shocks fueled by the COVID-19 pandemic, heavy debt obligations and declining official development assistance.” In response to the crisis, global financial markets have witnessed heavy losses and intense volatility over the last month, it said, and investors have moved around $90 billion
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