Developing countries ‘need more debt relief’ to fund education and health

‘The consequences are particularly acute in Africa, where debt distress is most severe,’ the research says. Photograph: Muntaka Chasant/REX/Shutterstock

Developing countries need a fresh round of debt relief, to prevent money urgently needed for health and education being diverted to creditors, according to a major new report commissioned by the late Pope Francis.

The Jubilee report, produced by a panel of experts chaired by Nobel prize-winning economist Joseph Stiglitz, argues for debt restructuring, along the lines of the Heavily Indebted Poor Countries initiative (HIPC).