More than 20% of the world’s population, or 1.65 billion individuals, are surviving on less than $3.65 per day as a result of the COVID-19 pandemic.

According to the UNDP, all 165 million impoverished individuals reside in low- or lower-middle-income countries.

Rising interest rates have contributed to an increase in destitution, with impoverished nations spending twice or three times as much on debt service as wealthy nations and 2,3 times as much on social assistance.

Similar to the G20’s COVID-19 Debt Service Suspension Initiative (DSSI), the UNDP advocates for a “Debt-Poverty Pause” to prioritize social expenditure. U.N.’s 2030 objectives include the eradication of poverty, and U.N.

Secretary-General Antonio Guterres has called for a reform of the global finance system to improve resource distribution.

There is a need for new mechanisms to anticipate and absorb disruptions, and mitigating their effects on the world’s impoverished would cost approximately $107 billion, or 0.065 percent of global GDP.