Campaigners are urging Labour to lead the charge for global debt relief in 2025, as new analysis shows lower-income countries spent 15% of their revenue on repayments this year – the highest level for three decades.
Calculations by the charity Debt Justice, based on data from the World Bank, show repayments from poorer countries bottomed out at 4.4% of income in 2011 but have since trebled.
“High debt payments are preventing the public spending needed to cut poverty and tackle the climate emergency,” said Debt Justice’s policy director Tim Jones.
Gideon Rabinowitz, director of policy and advocacy at Bond, the anti-poverty coalition, said: “Lower-income countries are being crushed by unsustainable debt, therefore debt cancellation…
