Summary
Over 30 economists and former financial leaders are asking for urgent debt relief for African countries. They say high debt payments prevent these nations from funding basic services like education and healthcare. The letter highlights the need for changes to international debt policies to help countries spend more on essential services.
Key Facts
- More than 30 economists and financial leaders are calling for debt relief for African countries.
- Debt payments are limiting funds available for essential services like schools and hospitals.
- On average, African governments spend 17% of their revenue on paying back debt.
- 32 African countries spend more on external debt repayments than on healthcare.
- 25 African nations allocate more resources to debt than to education.
- A proposal suggests limiting debt payments to 10% of state revenue to help improve public services.
- The U.S. has reduced its aid contributions, affecting 10 African countries significantly.
- Current international debt relief efforts have only relieved 7% of the total debt at-risk countries owe.
