In addition, interest costs hit a 20-year high, reducing their budgets to cover needs such as healthcare, education and the environment.
He World Bank warned this Tuesday that Developing countries spent a record $1.4 trillion in the service of his external debt in 2023, since the cost of interest rates hit a 20-year highwhich reduced their budgets to cover needs such as health, education and environment.
The latest report on World Bank International Debt showed that the total interest payments on the external debt of developing countries increased at 406 billion dollars, and that the most complicated tensions affected the poorest countries.
These countries, eligible for loans from the entity’s International Development Association, paid a record amount of 96.2 billion dollars in 2023.
Although their Principal repayments fell almost 8% to $61.6 billion, its interest costs rose to an all-time high of $34.6 billion in 2023four times more than a decade ago.
Source: Ambito
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