The global south debt crisis is no longer a risk, but a very tangible reality. Increasing debt payments are crippling governments’ ability to provide essential public services and tackle the climate crisis. 

Debt service, including both domestic and external debt payments, is absorbing an average 38 per cent of budget revenue and 30 per cent of spending across the global south. This rises to 54 per cent of revenue and 40 per cent of spending in Africa, according to a Debt Service Watch report. 

Debt justice in 2024: challenges and prospects in a full-blown debt crisis – Eurodad