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Asian Insider, 19 December 2024
Some 3.3 billion people live in countries that spend more on interest payments in their debt, than on either education or health. In 2023, a record 54 developing countries allocated 10 per cent or more of government revenue just to pay off interest on their debt – reducing funds available to provide basic services from schools to hospitals, for their populations.
There is wide consensus that this is a full blown crisis, but the solutions to it are hard to implement. Part of the reason is many creditors are private lenders. Yet solutions are critical if developing countries are to be able to dig themselves out from under the mountain of debt they are burdened with.
In this episode of Asian Insider, Olivia De Schutter, professor of law and UN Special Rapporteur on Extreme Poverty and Human Rights, and Keith Barney, Associate Professor at the Australian National University’s Crawford School of Public Policy, share with host Nirmal Ghosh insights into the fundamentally unjust situation many developing countries are trapped in.