Africa’s Debt Burden Eroding Funds for Sustainable Development in Ldcs

Africa’s Least Developed Countries are struggling to fund health, education, and Sustainable Development Goals (SDGs) due to soaring repayment costs from their rising debt burden, as highlighted by Ms. Oyebanke Abejirin of the UN Economic Commission for Africa. Debt servicing costs are reducing funding for SDG-related spending, leading to a decline in health and education funding, with a need to strengthen domestic revenue generation to close the financing gap. Strategies are being developed to improve fiscal space for sustainable development, including the importance of fiscal consolidation and creating fiscal space to meet Agenda 2063 aspirations.

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