World Bank: Soaring Debt Threatens Crisis for Poor Nations
• World Bank warns record debt levels could cause crisis for developing countries as interest rates rise • Poorest countries face ballooning debt servicing costs, diverting funds from health, education, climate • Since 2020, 18 defaults across 10 developing countries, more than previous 2 decades • 28 of 75 IDA countries now at high risk of debt distress, 11 already in distress • Private creditors withdrawing more funds from developing countries than lending