In a recent press briefing, UN Deputy Secretary-General emphasized the urgent need to address the escalating global debt crisis, which he described as a "silent crisis" affecting millions worldwide. The meeting highlighted alarming statistics that reveal a worsening situation for developing countries, where debt burdens are increasingly overshadowing essential services like health and education.

The Deputy Secretary-General noted that this year, 3.4 billion people live in nations spending more on debt interest payments than on critical sectors such as health and education, an increase from 3.3 billion last year. Additionally, debt service payments for developing countries have surged from $847 billion to $921 billion, while the financing gap to achieve sustainable development goals has surpassed $4 trillion.

These figures underscore the pressing need for coordinated policy responses and innovative financial solutions, including debt swaps and enhanced debt management capacities. The discussions also pointed to the importance of collaboration among multilateral development banks and national governments to implement effective reforms.

The meeting concluded with a call for political will to advance a set of 11 actionable proposals aimed at alleviating the debt crisis. These proposals, developed by a group of experts, are designed to foster cooperation among borrowing countries and ensure that financial resources are directed toward development rather than debt repayment.

As the global community grapples with these challenges, the Deputy Secretary-General's remarks serve as a reminder of the critical intersection between financial stability and the well-being of communities worldwide. The outcomes of this meeting could pave the way for significant changes that directly impact the lives of millions struggling under the weight of debt.