Right words

UN General Assembly President Csaba Korosi called for debt relief, as well as equitable access to new technologies, for middle-income countries. The 110 middle-income countries, which account for three-quarters of the global population and nearly one-third of global GDP, are central drivers of global development, he told a General Assembly high-level meeting on middle-income countries.Your geographies, ecosystems, cultures, and economies are incredibly diverse — with varying vulnerabilities. Some of you encounter frequent drought and desertification, while others face tropical storms and sea-level rise. But all of you face the common challenge of establishing your capacity to cope with these extreme conditions in ways that ensure resilience, he said.Korosi said it is time to get serious about debt relief in middle-income countries, which host the majority of the extremely poor in the world.In the torrent of today’s global crises, some countries have been forced to prioritize short-term economic goals over longer-term aims. In many countries, including small island developing states, high public debt service is crowding out investment in green, resilient and equitable transformation, he noted.Various debt-relief instruments can be considered. The debt-for-climate or debt-for-nature swaps offer a win-win for debtors, creditors and donors to meet national development objectives in line with the Sustainable Development Goals, said Korosi.