The World Bank’s latest International Debt Report showed that total interest payments on developing countries’ external debt rose to $406 billion, with the most difficult strains affecting the poorest countries.
These countries, eligible for loans from the entity’s International Development Association, paid a record $96.2 billion in 2023.
Although its principal repayments fell almost 8% to $61.6 billion, its interest costs rose to an all-time high of $34.6 billion in 2023, four times more than a decade ago.
