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The World Bank has reported that the debt of developing countries has reached a record $9.4tn, with the poorest nations facing the highest interest rates since the late 1980s. Rising interest rates are hindering these countries' ability to invest in future development. The UK government plans to address debt issues as part of its upcoming G20 presidency.
Gordon Brown and Andy Burnham have called for changes to the global debt regime to help alleviate the burden. The report highlights that global shocks also disproportionately affect food and nutrition security in heavily indebted countries.
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- Debt of poorest countries at record $9.4tn high, World Bank data shows theguardian.com
- Word Bank: Bangladesh’s foreign debt surges 8.6% to $113.4bn dhakatribune.com
