Increasing global inequality and the climate crisis. The Covid-19 pandemic and war in Ukraine. Now, fresh conflict in the Middle East. These headline news items are exacerbating a silent crisis that is paralysing developing nations – and the government has unique power to act.
From the prime minister to the pope, everyone agrees that the Global South debt crisis requires urgent action – and this action becomes more urgent each day. Over 50 of the world’s poorest countries are facing the biggest debt crisis in history, which swallows up swathes of public funding. For example, 25 African countries are spending more on the interest they owe on foreign debts than they are on education: corporate profits prevailing over teaching the next generation.
