Debt Crisis Pushes Dozens of Poor Nations to Brink of Default as Interest Payments Balloon

Some of the world's poorest countries face $220 billion in budget cuts over 5 years due to debt crisis pushing dozens to brink of default.

Low and lower-middle income countries face nearly $500 million a day in interest and debt repayments through 2029.

Record number of developing nations are in debt distress due to rising interest rates, inflation, and economic shocks after COVID-19.

Oxfam calls on IMF and World Bank to use crisis to create fairer system rather than focus on debt restructuring and spending cuts.

Debt servicing payments for poorest countries outstrip healthcare spending by 4 to 1.