More aid needed for poor countries to avoid deeper crisis -U.S. Treasury official

PUBLISHED: Thu, 29 Apr 2021 18:45:24 GMT

WASHINGTON, April 29 (Reuters) – Wealthy countries must provide more support to low-income countries, from increased COVID-19 vaccine supplies to debt relief, or they risk a deeper and longer-lasting health and economic crisis, a senior U.S. Treasury official said on Thursday.

Andy Baukol, who has taken over the duties of the undersecretary for international affairs, said the high and growing debt burden in many low-income countries is limiting their ability to respond to the crisis, especially in Africa.

“Without further international action to support low-income countries, we risk a stark divergence in economic growth prospects for advanced economies versus low-income and developing countries,” Baukol told an online event hosted by the Center for Strategic and International Studies in Washington.

“The result would be a deeper and longer-lasting crisis, with mounting problems of indebtedness, more entrenched poverty, and growing inequality.” (Reporting by David Lawder Editing by Chris Reese)

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