Break the taboos propping up unsustainable debt, pleads a former central banker

From Egypt to Angola, debt servicing is crowding out development spending that’s needed to improve lives and build climate resilience (in Pakistan, interest payments are almost three times as high as spending on investment and three and a half times spending on education). These countries are gambling for resurrection by increasing taxes and slashing spending while praying for a growth miracle. However, this gamble is only increasing the chances of a disorderly default and an unravelling of their social fabric, as recently witnessed in Kenya.