The Covid-19 pandemic, the cost-of-living crisis and the war in Ukraine have pushed 165 million people into poverty since 2020, reports the United Nations, calling for a pause in debt repayments for developing countries.
Half of humanity lives in countries that are forced to spend more on servicing their debt than on health and education, which is nothing less than a development disaster, UN Secretary-General Antonio Guterres said.
Global South countries spend 5 times more on repaying debt than addressing the climate crisis. With 160 days to go before COP28, activists are calling on rich countries to 'Cancel The Debt for Climate Justice'.
A letter from policy experts calls on Global North leaders to put real global financial system transformation on the agenda, starting by redirecting funds from fossil fuels, unfair colonial debts, and the super-rich.