Debt of poorest countries at record $9.4tn high, World Bank data shows
Cost of servicing external debt is preventing developing countries from investing for future Debt owed by developing countries rose to a record $9.4tn (£7tn) last year, with the poorest paying the highest interest rates since the late 1980s, World Bank data shows. The UK government is preparing to champion a “new drive on debt” as part of its presidency of the G20 next year – a move the prime…
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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