The World Bank revealed on Wednesday that developing countries will spend nearly half a trillion dollars on servicing their external debt in 2022, draining their allocations to health, education, and combating climate change.
According to the World Bank, debt service payments, including principal and interest, rose five percent from last year to an unprecedented level of $443.5 billion, amid the biggest increase in interest rates worldwide in four decades. He predicted payments would rise to ten percent in 2023-2024. Indicating that the 75 poorest countries were the most affected, as their external debt service payments reached a record level of $ 88.9 billion in 2022, It is expected to rise 40 percent in 2023-2024.
Source (Al-Khaleej Emirati Newspaper, Edited)
