Debt

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Money a country owes to lenders and must repay with interest; it can fund development or, if too heavy, block it.

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The money a country must pay each year in interest and repayments; heavy servicing crowds out spending on services.

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When a country must borrow more just to repay old debts, sinking deeper instead of investing in development.

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Reforms — spending cuts, privatisation, opening markets — that lenders demanded in return for loans, which could harm the poor.

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A well-used loan can fund productive investment (roads, power, industry) that raises future income and pays for itself.

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When repayments crowd out health and education, when it is unpayable, or when it is spent badly or stolen.

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Cancelling or reducing a country's unpayable debt to free money for development and give it a fresh start.

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It frees money for schools, clinics and clean water, gives a fresh start, and is fair when debts were run up by past corrupt rulers.

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It can reward reckless borrowing and lending, the freed money may be misused without good governance, and attached conditions can harm the poor.

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Because a well-used loan funds investment that raises income; debt harms mainly when it is too large, misused or unpayable.

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Cutting public spending to afford debt repayments, which can harm the poor and further slow development.