GENEVA (AP) — The United Nations said Tuesday that global government debt rose to a record $97 trillion last year, with developing countries owing about a third of that — hampering their ability to pay for basic government services such as health care, education and climate is limited. action.
UN Trade and Development, formerly known as UNCTAD, said the value of money owed by governments increased by $5.6 trillion from 2022.
In a report published Tuesday, the agency said high interest payments are outpacing growth in essential government spending.
In the developing world, home to 3.3 billion people, 1 in 3 countries spend more on interest payments than on programs in ‘critical areas for human development’ such as health, education and climate action.
In 2023, public debt in developing countries reached $29 trillion, or about 30% of the global total – up from a share of 16% in 2010, the UN agency said.
“Developing countries should not be forced to choose between servicing their debts and serving their people,” the report “A World of Debt” said. “The international financial architecture must change to ensure a prosperous future for both people and the planet.”
