reply UN: Global public debt hit record high last year

Global public debt rose to a record $97 trillion last year, the United Nations said on April 4, with developing countries accounting for about one-third of that debt, undermining their ability to pay for basic government services such as health care, education and climate action, the Associated Press reported.The United Nations Conference on Trade and Development said the amount of money owed by governments grew by $5.6 trillion from 2022.Interest payments on the massive debt are growing faster than basic public spending, the agency said in a report released on the 4th.In the developing world, one-third of countries spend more on debt interest than on programs in “key areas of human development” such as health, education and climate action.UNCTAD says that public debt in developing countries will reach $29 trillion in 2023, or about 30 percent of total global debt - up from 16 percent in 2010.The report, entitled A World in Debt, says: “Developing countries cannot be forced to choose between servicing their debt and serving their people. The international financial architecture must change to ensure a prosperous future for people and the planet.”