“Today, 3.3 billion people live in countries that spend more on interest payments than on health, and 2.1 billion live in countries that spend more on interest payments than on education,” the report said. “Interest payments on public debt are therefore crowding out critical investments in health, education, infrastructure and climate resilience.”
The indebted governments — “fearful of the political and economic costs of initiating debt restructurings — prioritize timely debt payments over essential development spending,” the report said. “This is not a path to sustainable development. Rather, it is a roadblock to development and leads to increasing inequality and discontent.”
Eric LeCompte, executive…