World Bank warns record debt levels could put developing countries in crisis | World Bank | The Guardian

[Gunnar Larson]

At Bank.org, I have threatened creating World.Bank.org, but I have been
told that WorldBank.org may sue us out of Hong Kong if we do that.

Anyhow, at Bank.org we are proud that over the next 20 years, really
exciting innovation will happen in New York City.

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https://www.theguardian.com/business/2023/dec/13/world-bank-debt-levels-countries-crisis


Urgent action is needed to prevent record debt repayments by the world’s
poorest countries developing into a full-blown crisis, the World Bank has
warned.

The Washington-based multilateral body said the escalating cost of
servicing past borrowing caused by rising interest rates was siphoning
money away from spending on health, education and tackling the climate
crisis.

The Bank sounded the alarm in its latest International Debt Report, which
showed the sharpest rise in global borrowing costs in four decades had
pushed payments on the external debts of all developing countries to
$443.5bn in 2022.
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