Debt interest is hindering development...
Debt interest is hindering development...54 developing countries have to spend a lot of money on loan interest. About half of these countries are in Africa. The problem of developing countries is that the interest on the loan is increasing rapidly but essential government expenditure like health and education is not increasing as fast.In fact, due to the rapid increase in loan interest, developing countries are left with less money to spend. An example of this is the beginning of the Corona epidemic. During that time, countries in Africa and Asia-Oceania (except China) paid more money as loan interest than they spent on health.If we look at the data between 2020 and 2022, the government expenditure on the health of every person in these areas was only US $ 39 (Africa) and US $ 62 (Asia-Oceania). At the same time, during the same period, the government expenditure to pay interest on each person's loan reached US $ 70 (Africa) and US $ 84 (Asia-Oceania). Between 2020 and 2022, there were 15 countries where they had to pay more money as loan interest than they should have spent on education. In 46 countries, more money had to be paid as loan interest than spent on health. Overall, 3.3 billion people live in countries where more money is paid as loan interest than what governments spend on education or health. This situation is very seriousand there is a dire need to change it.