Tax & Spend
Poor Countries Face Heaviest Debt Burden in 25 Years, Group Says
- Debt Justice calls for urgent, comprehensive debt relief
- Debt Justice was formerly knows as Jubilee Debt Campaign
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External debt payments will average more than 16% of government revenue for the world’s poorest countries this year, the highest level since 1998, Debt Justice, the UK group formerly known as Jubilee Debt Campaign, said in a report published Tuesday.
The figure will rise to 16.7% next year, an increase of more than 150% since 2011, the group said. The last time the debt burden was so high, world leaders introduced a debt-relief plan that ultimately led to as much as 80% of debts being canceled for the most indebted poor nations.