We call for urgent reform of the global debt system in support of the 2025 Jubilee Commission report on the worsening sovereign debt and development crisis in lower-income countries.
We’ve been warning that rising debt burdens are forcing lower-income countries to cut funding for education, disproportionately impacting girls, and our new analysis shows exactly how much global debt reform could unlock for education.
Bringing debt service ratios down to 10% of national revenues in lower-income countries could release $506 billion for education over five years.* As an annual figure, that amount is six times the total aid that went to basic education in 2023 ($16.7 billion). It would give governments the fiscal space to abolish school fees, hire more teachers and support more adolescent girls to complete school.
Pope Francis’ call for debt forgiveness
In line with recommendations from the 2025 Jubilee Commission to Address Debt and Development Crises, we call for transformative debt solutions that prioritise girls’ rights and their communities’ development.
The Jubilee report is critical for those of us working at the intersection of debt and education. Before his passing, Pope Francis emphasised debt forgiveness as a central priority for this year’s Jubilee, recognising that the current financial architecture is inadequate for addressing mounting challenges. We know that if the global financing system supported countries to reduce their debt payments to more sustainable levels, the fiscal space created could unlock transformative investments to get and keep millions of girls in school.
In 2000, the Jubilee campaign succeeded in winning substantial debt relief, with positive outcomes for education. However, it stopped short of substantial systemic reform of the global debt architecture.
The 2025 Jubilee report rightly calls for structural reforms: redesigning debt sustainability assessments to prioritise long-term investment in education, health and climate resilience; creating a sovereign debt resolution mechanism; and ending IMF bailouts of private creditors. But these systemic shifts require political will — especially from G20 leaders — to ensure policies work for people.
Centring girls in global financing discussions
Last year, the 10 countries facing the greatest barriers to girls’ education spent four times more on debt repayments than on education. These countries are home to 32 million out-of-school girls. As economic shocks — driven by conflict, climate disasters and rising interest rates — continue to hit vulnerable countries hardest, the result is a compounding crisis for girls. Education budget cuts force girls out of school and deepen gender inequality, especially for those already marginalised.
As world leaders gather for the 4th International Conference on Financing for Development this week, and look ahead to South Africa’s G20 Summit in November, the combined threats to education and other social services that girls rely on should be front and centre of discussions.
We urge G20 leaders and international financial institutions to heed the lessons of past debt crises and design a system that puts girls at the centre of global development.
