'Some 3.3 billion people—almost half of humanity—live in countries that spend more on debt interest payments than on education or health,' said U.N. Secretary-General António Guterres.
Wednesday that"half our world is sinking into a development disaster, fueled by a crushing debt crisis," and called for urgent fiscal relief.published by the U.N. Global Crisis Response Group on Food, Energy, and Finance , Guterres pointed out that"some 3.3 billion people—almost half of humanity—live in countries that spend more on debt interest payments than on education or health.
"It is one result of the inequality built into our outdated global financial system, which reflects the colonial power dynamics of the era when it was created."in a separate Wednesday report, the Covid-19 pandemic, wars, and the fossil fuel-driven climate emergency have pushed an additional 122 million people into hunger worldwide since 2019, with an estimated 735 million people suffering from a lack of food as of last year. In terms of nutrition, more than 3.
Amid this combination of soaring needs and lack of access to affordable sources of financing, the number of nations facing high levels of debt has climbed from 22 in 2011 to 59 in 2022. "On average, African countries pay four times more for borrowing than the United States and eight times more than the wealthiest European countries."
The report explains how borrowing in foreign currencies increases developing nations' vulnerability to external shocks and makes it harder to repay debt. In addition, the report shows, low- and middle-income countries' reliance on private creditors makes borrowing more expensive and debt restructuring more complicated.
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