“Who Pays the Price?” is a comprehensive study examining the link between sovereign debt and gender inequality, produced under UNDP’s EQUANOMICS initiative. The research draws on data from 85 developing countries over the period from 1990 to 2022, offering a long-term analysis of how rising debt burdens shape social and economic outcomes, particularly for women.
The study finds that increasing debt servicing pressures have significant gendered consequences. When countries shift from moderate to high levels of debt repayment, women are disproportionately affected through job losses and worsening health outcomes. An estimated 55 million women’s jobs are put at risk under such conditions, highlighting the vulnerability of women’s employment during fiscal stress.
In addition to economic impacts, the report underscores serious health implications. Maternal mortality is shown to rise by 32.5 percent in high debt contexts, translating to an additional 67 deaths per 100,000 live births. These findings illustrate how debt-related constraints on public spending can undermine essential services and reverse development gains, particularly for women.
