Global government debt reaches $313 trillion

Мировой государственный долг достиг 313 триллионов долларов

The funding gap for efforts to achieve the Sustainable Development Goals (SDGs) is estimated at $4 trillion per year. Global government debt reaches $313 trillion Sustainable Development Goals

In a growing number of countries, crises are reversing development gains and debt service payments are hampering important social spending and development investment. This was stated by UN Secretary-General Antonio Guterres, speaking at the UN Economic and Social Council (ECOSOC) forum on financing for development.

He noted the critical importance of investment in development and highlighted the fragile situation faced by many developing countries due to insufficient financing. According to Guterres, financing gaps lead to worsening poverty, inequality, the effects of climate change, disruptions in social services and the destruction of infrastructure.

The UN chief said it is necessary to close the funding gap for efforts to achieve the Sustainable Development Goals (SDGs), which is estimated at $4 trillion a year. Guterres called for action by developed countries to meet their commitments, increase investment and ease the debt crisis through innovative financing mechanisms and more effective debt resolution methods.

He also stressed that developing countries should be able to participate more actively in global decision-making processes. The UN chief says economic and financial systems must become more inclusive and sustainable.

“We need a surge in investment to close the funding gap and give developing countries a chance to build better lives for their citizens,” said Guterres.

In turn, the President of the UN General Assembly, Dennis Francis, told forum participants that development financing is needed more than ever, especially for countries of the Global South.

He cited data that global government debt reached a “staggering” $313 trillion in 2023. Moreover, over the past decade, debt in developing countries has grown faster than in developed countries.

According to the Chairman of the General Assembly, more than 100 countries are forced to make a choice between paying off their debts and investing in development. Without urgent reforms and changes to unfair rules, developing countries will forever remain in a “debt trap,” Francis stressed.

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