UNESCO urges debt swaps as 113 countries fall short on education
UNESCO estimates global aid for education could fall by up to 30 percent in 2023-2027, as the annual financing gap reaches US$97 billion.
UNESCO is urging governments and lenders to expand debt-for-education swaps amid a global education financing crisis. In new guidance launched at the Transforming Education Summit+4 in Paris on July 10, the U.N. agency said savings from debt refinancing or buybacks could be redirected to school construction, teacher training and student support. UNESCO noted that 113 countries, with a combined population of 6.1 billion, now spend more on debt service than on education. In low-income countries, debt payments are nearly four times education spending. UNESCO also warned that global aid for education could decline by as much as 30 percent in 2023-2027.