Developing countries spend $1.4trn on debt servicing
By CHATULA KANGALI – THE World Bank’s latest internal Debt Report has indicated that developing countries spent a record US$1.4 trillion to service their foreign debt as interest costs climbed to a 20-year high in 2023.The report indicates that interest payments surged by nearly a third to $406 billion, squeezing the budgets of many countries […]
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By CHATULA KANGALI –
THE World Bank’s latest internal Debt Report has indicated that developing countries spent a record US$1.4 trillion to service their foreign debt as interest costs climbed to a 20-year high in 2023.
The report indicates that interest payments surged by nearly a third to $406 billion, squeezing the budgets of many countries in critical areas such as health, education and the environment.
“The financial strain was fiercest for the poorest and most vulnerable countries,those eligible to borrow from the World Bank’s International Development Association (IDA), the data show.
