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Podcast: The Straits Times Podcasts
Episode: Mountains of debt deepening human and environmental crises
Description: Developing countries are in a vicious debt cycle with little relief in sight, undermining social progress. Synopsis: The Straits Times' global contributor Nirmal Ghosh shines a light on Asian perspectives of global and Asian issues with expert guests. Some 3.3 billion people live in countries that spend more on interest payments in their debt, than on either education or health. In 2023, a record 54 developing countries allocated 10 per cent or more of government revenue just to pay off interest on their debt - reducing funds available to provide basic services from schools to hospitals, for their populations.Â