The head of the United Nations trade facilitation agency, UNCTAD, has warned that the Caribbean and other developing countries face an "impossible trade-off" on debt, stating that spiraling debt has compromised their chances of sustainable development.
Rebeca Grynspan, speaking at the 13th UNCTAD Debt Management Conference in Switzerland, stated that between 70 and 85 percent of the debt owed by emerging and low-income countries, such as those in the Caribbean, is in foreign currency.
She says so far this year, at least 88 countries have seen their currencies depreciate against the powerful US dollar, which is still the reserve currency of choice for many in times of global economic stress.
She said in 31 of these countries, their currencies have dropped by more than 10 per cent.
The three-day UNCTAD conference concluded on Wednesday.
