More than 3.3 billion people live in developing countries that spend more on interest payments than on education or health. Sovereign debt levels of developing economies are a threat to economic stability. At least 50 such countries spend more than 10% of their revenues on debt servicing, which is squeezing their finances and creating risks. In these countries, interest payments also outweigh climate investments, adding further risks to existing vulnerabilities. A UNCTAD report says global public debt hit a record high of $97 trillion in 2023, with developing countries accounting for $29 trillion. Their debt has grown twice as fast as the others’ since 2010. Please listen to the latest episode of All Indians Matter.
Learn more about your ad choices. Visit megaphone.fm/adchoices
