The worst ever global debt crisis -
New data from Debt Service Watch
This briefing, jointly with AFRODAD, Debt Justice, Development Finance International, Eurodad, Erlassjahr, LATINDADD and Norwegian Church Aid, shows that debt service numbers are higher than they have ever been.
Current debt relief deals are leaving countries paying half their budgets on debt service. For 139 borrowers from the World Bank, service is above the levels reached in the HIPC and Latin American debt crises. It equals their total spending on education, health, social protection and climate adaptation combined, and exceeds this spending by half in Africa. Much deeper debt cancellation and measures to reduce borrowing costs are essential to rescue the Sustainable Development Goals.