COVID-19 and the looming debt crisis
Around 1 in 8 countries globally spends more on debt than on social services, according to a UNICEF report. COVID-19 and the Looming Debt Crisis notes that 25 countries globally – the majority of them already burdened by poverty and deprivation – spent a higher proportion of total government expenditure on debt service in 2019 than they did on education, health and social protection combined. Global efforts are needed to protect social spending, and with it the right of every child to social security, education and health services, says the report.
