Poor countries that are eligible to borrow from the World Bank’s International Development Association (IDA) now spend over a tenth of their export revenues on long-term public and publicly guaranteed external debt according to the World Bank’s new International Debt Report.
The report shows that developing and middle-income economies have rising debt-related risks. By the end of 2021, these economies had $9 trillion in external debt, which doubled over the last decade.
Due to rising interest rates and slowing global growth large number of countries are at risk of debt crises.
