“There is clearly a moral imperative for the world to act now to ensure that all children are in school and learning,” says a new report from Save the Children. “But there is also an economic imperative.”
A report published this week by Save the Children revealed that 1 in 3 of the world’s poorest nations spend more on paying off debt to wealthy countries and investors than on educating its own children.
The U.K.-based charity’s report—entitled Fixing a Broken System: Transforming Education Financing—shows that 21 out of 70 low- and lower-middle-income countries with available data spent more on external debt repayment than on education in 2020. According to the publication, interest payments are expected to account for an average of 10% of the annual budget in this category of countries by 2024, up from 7% in 2015. Continue reading