KAMPALA, May 4, 2026 — Rising debt servicing costs could result in the loss of 55 million jobs for women and a 17 per cent drop in their per capita income, according to a new analysis by the United Nations Development Programme [UNDP], based on data from 85 developing countries.
The report, Who Pays the Price? Gender Inequality and Sovereign Debt, finds that women bear the brunt of debt pressures through job losses, declining incomes and increased unpaid care responsibilities. In contrast, men’s incomes remain largely unchanged, widening the gender income gap.
As governments channel more resources towards debt repayments, spending on health, welfare and care systems is often cut, restricting access to essential services and formal employment opportunities. While this affects entire populations, the consequences are significantly more severe for women.
“Sovereign debt is not a maths problem — it is a human one,” said Alexander De Croo, UNDP Administrator. “This analysis shows how mounting debt payments leave many governments with limited fiscal space, forcing cuts to vital social services, with the heaviest toll falling on women. When care services are reduced, the burden shifts back to households, where women shoulder most of the responsibility, often limiting their access to economic opportunities. Debt management strategies must therefore safeguard investment in social and care systems that underpin resilient economies and human development.”
The report estimates that 55 million women’s jobs are at risk in the short term, rising to 92.5 million in the long term as countries move from moderate to high debt repayment burdens. It also projects a 17 per cent decline in women’s per capita income, compared with largely unchanged incomes for men, alongside a 32.5 per cent increase in maternal mortality — equivalent to 67 additional deaths per 100,000 births. Life expectancy is also expected to fall for both women and men, reflecting mounting pressure on public health systems.
These trends represent a reversal of development gains and could intensify amid ongoing global challenges, including military conflicts, volatile energy markets and inflationary pressures. As governments respond to these crises, fiscal space is further constrained, often at the expense of social investment.
The report emphasises the need to integrate gender analysis into borrowing decisions. “Debt management strategies affect everyone, but when public spending is squeezed, women are the first to lose — their jobs, services and economic security,” said Raquel Lagunas, UNDP Global Director for Gender Equality. “Governments must incorporate gender impact assessments into decision-making, protect critical investment in social and care infrastructure, and adopt gender-responsive budgeting to track how debt servicing shapes economic outcomes.”
It also urges governments and international financial institutions to prioritise employment, human development and gender equality in debt sustainability frameworks, and to move away from austerity measures that risk deepening inequality.
The report, Who Pays the Price? Gender Inequality and Sovereign Debt, was produced under UNDP’s Equanomics programme, which supports countries to advance gender equality through fiscal and tax reforms, stronger care systems, and data-driven policymaking.
UNDP is the United Nations’ lead agency working to end poverty, inequality and climate change. Operating in 170 countries, it partners with governments and stakeholders to develop integrated, sustainable solutions for people and the planet.
https://thecooperator.news/three-years-on-nebbi-women-struggle-to-repay-uwep-and-ylp-loans/
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