The Global South is being forced to choose creditors over children
Summary
Many poorer countries spend more money paying back debts than on educating children. This happens because creditors have stronger legal claims on government money than the right to education, leading to fewer resources for schools, teachers, and students.Key Facts
- 113 countries with 6.1 billion people spend more on debt payments than on education.
- In low-income countries, debt payments are almost four times the education budgets.
- 18 heavily indebted countries spend at least five times more on debt than education.
- Poor countries paid $415 billion in debt interest in 2024 alone.
- More money leaves poor countries to pay creditors than the new financial aid they receive.
- Creditors have legal rights to government money, but the right to education has no enforcement tools.
- Some debt-for-education swap programs exist, like those with France and Germany, helping build schools and provide meals.
- These programs cover only a small part of debt and depend on creditor approval.
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