Debt and Disasters: Struggles of the World's Poorest Nations

The world's 26 poorest countries, heavily in debt and vulnerable to disasters, are struggling more than ever, according to a World Bank report. These nations, mainly in sub-Saharan Africa, face economic setbacks, institutional fragility, and natural disasters, underscoring the need for increased international aid and self-reliance.

A recent World Bank report highlights the escalating debt crisis and vulnerability to natural disasters faced by the world's 26 poorest nations. Home to 40% of the most impoverished global population, these countries are now more indebted than any time since 2006.

Released ahead of the annual World Bank and International Monetary Fund meetings in Washington, the report signals a significant setback in eradicating extreme poverty. It emphasizes the World Bank's efforts to amass $100 billion for the International Development Association, crucial for supporting these low-income economies.

The report reveals that most affected countries are in sub-Saharan Africa, with several enduring armed conflicts or social instability. Exposed to frequent economic fluctuations, these nations face average annual GDP losses of 2% due to natural disasters, further highlighting the pressing need for substantial investment.

(With inputs from agencies.)