The UN Secretary-General Antonio Guterres said in a policy brief on Monday that though significant steps have been taken to prevent debt crises across the world sparked by the COVID-19 outbreak, they have not been sufficient to restore economic stability in many developing countries.

He said more than a year into the pandemic, the fiscal impacts of the crisis are triggering debt distress in a growing number of countries and is severely limiting the ability of many, to invest in recovery and the Sustainable Development Goals (SDGs).

According to the policy brief, 42 economies borrowing from capital markets have experienced sovereign downgrades since the start of the pandemic, including 6 developed countries, 27 emerging market economies, and 9 least developed countries. 

Abdullahi Hassan has more on the policy brief.