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UNESCO Calls for Expanding the Scope of the Debt-for-Education Swap Mechanism
UNESCO has called on governments and international donors to expand the debt-for-education swap mechanism to better assist affected countries in financing education. This is especially urgent as 113 countries spend more on servicing their debt than on education, with some nations dedicating debt payments that are five times their education budgets. During a global summit in Paris, UNESCO issued guidelines to strengthen this mechanism, which helps redirect resources towards schools, teacher training, and student support, with the aid of funding agreements such as one with France in 2023 and the Spain-Peru program. The organization also warned of a decline in international support for education, predicting that aid could decrease by up to 30% between 2023 and 2027.
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