UNDP moves to address liquidity crunch

The United Nations Development Programme on Tuesday announced new initiatives to help attract investors and jobs to developing countries, which are being rocked by crises outside their control amid a sharp drop in official development aid.

UNDP Administrator Alexander De Croo said the agency was increasing its cooperation with the World Bank, and forging new ties to the European Bank for Reconstruction and Development, the European Investment Bank, other financial institutions and private investors, to advance the investment and jobs agenda.

Developing countries needed to undertake reforms to improve governance, improve the rule of law and boost domestic revenues, but progress on that front had been slowed by a series of crises since the COVID pandemic, De Croo told Reuters. "The way development is being financed is changing, and that's a good thing, but we need to create some space for those countries to be able to implement those reforms," De Croo added on the sidelines of the annual meetings of the IMF and World Bank in Bangkok, Thailand. help countries to become investable."