More than 30 leading economists, former finance ministers and central bankers have called for immediate debt relief for low- and middle-income countries, warning that loan repayments are preventing governments from funding basic services.

In a letter released on Sunday, in advance of next month’s World Bank and IMF annual meetings, the group says countries are “defaulting on development” even when they keep up with debt payments.

“Countries around the world are paying exorbitant debt servicing costs instead of paying for schools, hospitals, climate action or other essential services,” the letter said.

Among the signatories are Nobel Prize-winning economist Joseph Stiglitz, former Central Bank of Colombia Governor Jose Antonio Ocampo, and former South African Finance Minister Trevor Ma

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