Some 3.3 billion people – almost half of humanity – now live in countries that spend more money paying interest on their debts than on education or health, a new U.N. report says.
FILE - Tunisian health workers attend a protest as part of a general strike by public servants organized by labor unions, demanding pay raises and more government support in Tunis, on June 18, 2020. Some 3.3 billion people – almost half of humanity – now live in countries that spend more money paying interest on their debts than on education or health, according to a new U.N. report released Wednesday July 12, 2023. Some 3.
Guterres said financial markets may seem not to be suffering yet — but billions of people are and the levels of public debt “are staggering and surging.” The secretary-general said a growing share of debt is held by private creditors who charge sky-high interest rates to developing countries. As an example, he cited African countries that on average pay four times more for borrowing than the United States and eight times more than the wealthiest European countries.
The International Monetary Fund says 36 countries are on “so-called `debt row’ – either in, or at high risk of debt distress,” Guterres told reporters. “Another 16 are paying unsustainable interest rates to private creditors a total of 52 countries – almost 40% of the developing world – are in serious debt trouble.”
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