The gap between developing nations debt servicing costs and new financing hit a more than 50-year high of 741 billion between 2022 and 2024, the World Bank said on Wednesday, urging countries to use the more relaxed global financing conditions to bring their houses in order.
In its annual International Debt Report, the Washington-based lender also found that overall interest payments had hit a fresh record of 415.4 billion in 2024 despite some relief from falling global interest rates.
Global financial conditions might be improving, but developing countries should not deceive themselves: they are not out of danger, World Bank Chief Economist Indermit Gill said in the report, adding that debt build-up is continuing sometimes in new and pernicious ways.
