A horrifying statistic hovers over the poorer nations: 3.4 billion people now live in countries that spend more on interest payments for public debt than on education or health. In 2024, according to a new report from the United Nations Conference on Trade and Development (UNCTAD), global public debt reached $102 trillion – a third of which is held by developing countries. The impact on these countries is especially severe: credit markets charge poorer nations far higher interest rates than they do richer nations, making debt servicing payments proportionately higher for the Global South.

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