113 Developing Countries Spent More on Debt Than Education as Aid May Fall 30%
Updated
Updated · 台北時報 · Jul 10
113 Developing Countries Spent More on Debt Than Education as Aid May Fall 30%
3 articles · Updated · 台北時報 · Jul 10
Summary
113 developing countries spent more on foreign debt servicing than education last year, with UNESCO warning the squeeze is set to worsen as education aid could drop by up to 30% by next year.
21% of education aid to low and lower-middle-income countries had already disappeared in 2023, and countries including Afghanistan, Mali, Niger and Liberia have lost more than 40% over three years.
3.6 times more was spent on debt than education in sub-Saharan Africa, while 18 of the most indebted countries spent five times more on debt service — rising to 16 times in Sri Lanka.
35-year-high repayments reflect shocks from COVID, higher energy prices and interest rates, and climate disasters; 56 poorer countries used nearly one-fifth of total revenue to service loans last year.
UNESCO and Debt Justice said longer-term debt relief and curbs on private creditor holdouts are needed to stop school funding disruptions, unpaid teachers and weaker long-run economic growth.
With private lenders blocking debt relief, can a UK law change truly rescue education for millions?
As debt devours Africa's future, are 'debt-for-education' swaps a real solution or just a fantasy?
Could a 'Flourishing Impact Statement' force global finance to value children's education over creditor profits?
Global Education at Risk: How Escalating Debt Threatens Learning for 273 Million Children
Overview
The report highlights how the escalating burden of debt, especially in low- and middle-income countries, is threatening the global goal of quality education for all. Current financial strategies are trapping developing nations in a harmful cycle of austerity and underinvestment, which weakens economic growth and erodes their ability to generate domestic revenue. As a result, these countries struggle to manage debt over time, and crucial funds are diverted away from essential public services like education. This critical issue is now being discussed at high-level forums, emphasizing the urgent need for solutions to protect education from the impacts of debt.