Article #19678

G77 nations spend $8tn a year servicing debts, but analysis shows how comprehensive relief could benefit social spending

Cutting debt servicing costs for the world’s poorest countries could free up $900bn (£660bn) a year for development, a new report to the UN secretary general has claimed.

Prepared by advocacy group Development Finance International (DFI) with the support of the Norwegian government and launched in Oslo today, the analysis warned that the world is facing “the worst ever debt-provoked development crisis”.