Developing Countries Paid Record $443.5 Billion on Public Debt in 2022 Poorest countries face risk of debt crises as borrowing costs surge
Debt-service payments-which include principal and interest-increased by 5 percent over the previous year for all developing countries. The alternative is another lost decade.”Surging interest rates have intensified debt vulnerabilities in all developing countries. That marked the first time since 2015 that private creditors have received more funds than they put into developing countries. It highlights key insights from the World Bank’s International Debt Statistics database-the most comprehensive and transparent source of external debt data of developing countries. In 2022, the combined external debt stock of IDA-eligible countries hit a record US$1.1 trillion-more than double the 2012 level.
Source: GNN Liberia December 15, 2023 00:35 UTC
