THE DEBT CRISIS DERAILING SDG 4

Without additional measures, only one in six countries will meet the goal, and a new child will need to be enrolled in school every two seconds until 2030.5 RESULTS FROM THE LATINDADD LAC ATLAS OF VULNERABILITIES 2024 The Latindadd vulnerability report highlights the education challenge created by the COVID-19 fallout, comparing the Latin American and Caribbean (LAC) region to High-Income Countrie. [...] In many low- and middle-income countries, with a growing youth population and far from the targets, 20% and 6% are needed.6 Yet since 2015, the average global share of budgets spent on education has fallen from 14.4% to 13.7%, and the share of GDP from 4.5% to 4.1%.7 Most of the reduction in education budgets has occurred since COVID-19.8 Indeed, two-thirds of low- and middle-income countries cut. [...] The same is true for poorer countries: LICs and LMICs which have the furthest to go to meet SDG 4 and the largest financing needs, and debt servicing 2.9 and 3.1 times their education spending. [...] In 2023, in recognition of the key role financing will play in meeting international targets, the UN Heads of State ‘Transforming Education Summit’ highlighted the importance of addressing debt and austerity: ‘It is clear that action on debt …urgently needs to be accelerated. [...] 6 Annex 1: Debt Service vs Education Spending and Education Completion Red Debt Service more than 2 x education budget Yellow Debt Service between 1-2 x education budget Green Debt Service less than the education budget Debt Debt SDG4 Debt Debt SDG4 Service Service progress: Service Service progress: Country as % of as % of Completion as % of as % of Completion Education all govt rate (%) Country.