The Director-General, International Labour Organisation (ILO), Gilbert F. Houngbo, has called for swifter assistance to debt-distressed developing countries, so they can continue funding social protection and decent work.
In statements delivered at the just-concluded World Bank Group/International Monetary Fund meeting in Marrakech, Morocco, Houngbo stressed that more needed to be done to address developing countries’ limited financial resources, by pursuing additional debt restructuring and relief and global financial system reform.
He added that in low- and middle-income countries, the ILO does not foresee rapid improvements in employment before 2025.
“The fiscal position of low-income countries requires particular attention as the tightening of monetary policies in advanced economies is severely impacting their external balances and increasing their debt vulnerabilities.
“This, combined with surges in food and energy prices, considerably narrows the scope for governments’ spending in sustainable investments and in social protection,” Houngbo told the World Bank Development Committee.
He cited a July 2023 UN report which found that 3.3 billion people currently live in countries that spend more on servicing debt than on education or health.
“To prevent debt burdens further impeding sustainable development, the role of investments in human and productive capacities must be better factored into debt sustainability assessments and in debt resolution mechanisms. This would not only support countries in their transition but also help (re)create the conditions for macroeconomic stability and economic transformation over time,” he said.
The Director-General told delegates that the UN Global Accelerator on Jobs and Social Protection for Just Transitions, which was launched in September 2021 by the UN Secretary-General, António Guterres, offered a three-step solution to these issues.
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