Plan to Address the Debt Crisis
A Global Call to Action on Debt and Development Following a significant moment in the Fourth International Conference on Financing for Development, there is a growing consensus among governments, international financial institutions, and civil-society organisations. They are preparing for action ahead of the United Nations General Assembly (UNGA) in September. This comes after recent reports, including Healthy Debt on a Healthy Planet , the Jubilee Report , and the Report of the UN Secretary-General's Expert Group on Debt , have highlighted the severity and urgency of the intertwined debt and development crises. In 2024, developing countries paid US$25 billion more to external creditors than they received in new disbursements. This means that 3.4 billion people—more than 40% of the world’s population—live in countries that spend more on interest payments than on health or education. The situation has been exacerbated by the global financial system, which is not designed to meet t...