Economic shocks triggered by the COVID pandemic and war in Ukraine have pushed dozens of low-income countries into debt distress since 2020. Today, more than 50 countries - or one in four countries globally - are in debt crisis. This number has more than doubled since 2015, with many more at significant risk. The impacts on people’s lives and livelihoods have seen the past year marked by mass protests and riots across the Global South, from Kenya to Sri Lanka. This paper by the Catholic Agency for Overseas Development (CAFOD) identifies the structural causes of reoccurring debt crises and highlights their impacts on the world’s poorest communities. It charts a course for transformative change, recommending policies to advance a fair and functional debt system. https://assets.ctfassets.net

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