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Poorer countries spend five times more on debt than climate crisis – report
(The Guardian, 27 Oct 2021) Charity says lower income countries handing over billions of dollars in debt is impeding their ability to tackle crisis.
Lower income countries spend five times more on debt than coping with the impact of climate change and reducing carbon emissions, according to a leading anti poverty charity.
Figures from Jubilee Debt Campaign show that 34 of the world’s poorest countries are spending $29.4bn (£21.4bn) on debt payments a year compared with $5.4bn (£3.9bn) on measures to reduce the impact of the climate emergency.
Uganda said it would spend $537m between 2016 and 2020, including funds from international agencies and donors, on climate related projects to adapt the country’s infrastructure and deal with climate emergencies.
However, the $107.4m annual budget is dwarfed by external debt payments which will total $739m in 2021, rising to $1.35bn in 2025.
The Guardian, 27 Oct 2021: Poorer countries spend five times more on debt than climate crisis – report
