The global south debt crisis is no longer a risk, but a very tangible reality. Increasing debt payments are crippling governments’ ability to provide essential public services and tackle the climate crisis. 

Debt service, including both domestic and external debt payments, is absorbing an average 38 per cent of budget revenue and 30 per cent of spending across the global south. This rises to 54 per cent of revenue and 40 per cent of spending in Africa, according to a Debt Service Watch report. 

Debt justice in 2024: challenges and prospects in a full-blown debt crisis – Eurodad

After an historic breakthrough at the UN General Assembly in November 2023, the UN has now started the negotiation of the terms of reference for a new Framework Convention on International Tax Cooperation. This week, the first round of negotiations was concluded at the UN Headquarters in New York. Despite the fact that 48 governments – mainly from OECD countries – voted no to the decision in November 2023, all governments now came together this week and found consensus on the road ahead.

UN reaches global consensus on the road ahead towards a Tax Convention – Eurodad

How to stop it?

We’re fast approaching the era of the trillionaire. What can we do to stop it? | Atossa Araxia Abrahamian | The Guardian