Regional economic commission details ramping up of financial needs and indebtedness in Latin America

Posted: Sunday, March 14, 2021. 7:49 pm CST.

By Aaron Humes: Alicia Bárcena, executive secretary of the Economic Commission for Latin America and the Caribbean (ECLAC), has issued a special report, “Financing for development in the era of the Covid-19 pandemic¨ and later ¨Latin America and the Caribbean priorities for global agenda,” which proposes five measures to face the challenges in short, medium, and long terms; and emphasizes initiatives for a better future, Prensa Latina reports.

The Covid-19 pandemic has scaled up the structural gaps and expanded the financial needs of Latin American and Caribbean countries to face up such an emergency in addition to ramping up debt levels.

Bárcena said, ‘All this jeopardizes the recovery and capacity of these nations for a sustainable reconstruction,’ as she noted that the regional average of debt to Gross Domestic Product (GDP) has gone up more than ten percent, from 68.9 to 79.3% from 2019 to 2020, thus making the most indebted region in the developing world. The region also has the highest external debt service in relation to goods and services (57%) exports.

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