联合国贸易发展委员会-2025年的债务世界_是时候进行改革了（英）-2025.6_26页_9mb

Summary of "A World of Debt" Report (2025)

Core Content

This report, published by UNCTAD, examines the global rise in public debt and its disproportionate impact on developing countries. It highlights the urgent need for reform in the international financial architecture to support sustainable development and reduce the burden of debt on these nations.

Main Points

• Global Public Debt Surge:
  Global public debt reached US$102 trillion in 2024, up by US$5 trillion from 2023.

  • Developing countries' public debt grew twice as fast as that of developed countries.
  • Developing countries account for 31% of the global public debt total, up from 16% in 2010.
  • 58 developing countries have public debt exceeding 60% of GDP, with 23 in Africa, 18 in Latin America and the Caribbean, and 17 in Asia and Oceania.

• External Public Debt Challenges:

  • External public debt in developing countries reached US$3.3 trillion in 2023.
  • Half of developing countries spend 8.6% or more of public revenues on external debt service, up from 4.7% in 2010.
  • 60% of developing countries' external public debt is now owed to private creditors, which are more expensive and volatile than multilateral or bilateral sources.
  • 51 developing countries experienced net outflows of debt finance in 2023, up from 25 in 2010.
  • Interest payments have grown faster than other public expenditures, with 61 developing countries spending 10% or more of their government revenues on interest.

• Impact on Development:

  • Interest payments now exceed spending on health and education in many developing countries.
  • In Africa, interest payments per capita reached US$70, surpassing spending on education (US$63) and public health (US$44).
  • 3.4 billion people live in developing countries where interest payments outstrip spending on essential services.

• Aid and Financial Architecture:

  • Official Development Assistance (ODA) to developing countries increased to US$167 billion in 2023, but this was a real-term decline.
  • The share of concessional loans in ODA rose from 28% to 33% between 2011-2013 and 2021-2023.
  • The current financial architecture is inequitable, limiting access to affordable development finance and increasing the cost of borrowing for developing countries.

• Need for Reform:

  • 60 countries are calling for policy reforms to address the growing debt crisis.
  • The report advocates for reforms that include:
    • Making the system more inclusive and development-oriented.
    • Enhancing liquidity availability during crises.
    • Creating an effective debt workout mechanism.
    • Providing more and better concessional finance.
  • The 4th International Conference on Financing for Development in Sevilla is a key milestone in this reform process.

Key Information

• Global Debt Trends:

  • The global public debt-to-GDP ratio in developing countries rose to 54% in 2024.
  • Asia and Oceania is the only region where the median debt-to-GDP ratio declined slightly, from 39% in 2023 to 38% in 2024.

• Debt Service Burden:

  • In 2023, developing countries spent US$921 billion on net interest payments, a 10% increase from the previous year.
  • External debt service reached US$487 billion in 2023, with a significant portion absorbed by foreign exchange earnings.

• Creditor Base Dynamics:

  • Private creditors have become a major source of external debt, increasing the volatility and cost of borrowing.
  • Debt restructuring has become more complex due to the diversity of creditors, leading to longer resolution times and higher costs.

• Call for Action:

  • The report emphasizes the need to move from discussion to action to address the systemic issues in the global financial system.
  • Good governance and effective debt management are essential to ensure financial independence and resilience in developing countries.

Conclusion

The report underscores that the current global financial system is not equipped to support the Sustainable Development Goals (SDGs), particularly in developing countries. The rising debt burden, especially external debt, is diverting resources from essential development needs, and the asymmetric access to financing is worsening the situation. A reformed international financial architecture is critical to ensure that developing countries can meet their development goals without sacrificing public services.