This policy briefing, based on the new Debt Service Watch database, shows that the citizens of the Global South now face the worst debt crisis since global records began. Debt service is absorbing an average 38% of budget revenue and 30% of spending across the South, rising to 54% of revenue and 40% of spending in Africa. Spread across all continents, 35 countries are paying more than half of revenue, and 54 over one third.