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The World Banks International Debt Report 2023 highlighted rising debt-related risks for all developing economieslow as well as middle-income economiesbut the strain was intensifying for the worlds poorest countries, which were squeezed by surging debt service payments. The pressure continues this year.  
 
According to the report, developing countries spent a record $443.5 billion to service their external public and publicly guaranteed debt in 2022. The poorest countries eligible to borrow from the World Banks International Development Association (IDA) paid a record $88.9 billion in debt-servicing costs in 2022, 4.8 percent more than in 2021. The worlds poorest face the risk of debt crises as borrowing costs surge. The increase in costs shifted scarce resources away from critical needs such as health, education, and the environment. Learn more.

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