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Browsing: Health and education budget
- About 3.3 billion people are living in countries where debt interest payments exceed expenditure on health or education.
- African countries pay four times more for borrowing than the US and eight times more than wealthy European economies.
- UN Secretary-General António Guterres says growing debt burden is undermining global prosperity.
The United Nations has fired a warning shot on soaring global public debt, which hit record $92 trillion in 2022, saying that it risks sending more poor countries into the roiling economic crisis.
According to UN Secretary-General António Guterres, the swelling debt burden is undermining global prosperity. There has been a five-fold surge in public debt levels since 2000. Guterres says it “demands immediate action to tackle the escalating crisis affecting developing countries in particular.”
The UN Secretary-General underlined: “On average, African countries pay four times more for borrowing than the United States and eight times more than the wealthiest European …