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UN Politics

Developing Countries Face Growing Burden of Government Debt, Hampering Development

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1Nojor Desk
  • 04 Jul 25
  • 03:57 PM

Government debt worldwide is projected to hit $102 trillion in 2024, with developing countries holding nearly one-third of this amount. These countries spend a large share of their revenue on debt interest, limiting funds for essential services like health and education. UNCTAD warns of rising debt servicing costs, especially in Africa and Latin America, and calls for urgent reforms in the international financial system to support developing nations through increased liquidity and fairer access to resources during crises.

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Bonik Barta 04 Jul 25

UNCTAD Report Developing Countries Burdened by Government Debt

Government debt is steadily increasing worldwide, reaching a record $102 trillion in 2024. This represents a 7.36% rise compared to the previous year. According to a recent report by the UN Conference on Trade and Development (UNCTAD), about one-third of this debt is held by developing countries. A significant portion of their annual revenue is being spent on interest payments, which hampers increased spending in essential sectors like human development, health, and education. The news was reported by Arab News.

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