Open Letter to Ministers of Finance and Governors of Central Banks, the Governors and Alternate Governors of the World Bank Group and International Monetary Fund, and the Leaders of the International Financial Institutions
Countries around the world are paying exorbitant debt servicing costs instead of paying for schools, hospitals, climate action or other essential services. Many of these countries are not formally defaulting on debt, but they are defaulting on development. African governments now spend an average of 17% of revenues on debt servicing. A cap of 10% in 21 countries could unlock enough money to provide clean water and sanitation to roughly 10million people, as well as avert roughly 23,000 under-5 deaths each year.
This work references the ACET simulations which uses the GRADE tool to carry out simulations