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International Debt Report 2024
March 22 , 2025
17 hrs 0 min
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- The International Debt Report 2024 was released by the World Bank.
- The Low and Middle-Income Countries (LMICs) reached a record high of USD 8.8 trillion by the end of 2023, an 8% increase since 2020.
- External debt rose by 18%, reaching USD 1.1 trillion.
- Interest rates doubled to over 4% on loans from official creditors in 2023.
- Interest rates rose to 6%, the highest in 15 years.
- For India, the report notes an increase in external debt by $31 billion, reaching $646.79 billion in 2023.
- The interest payments jumped from $15.08 billion in 2022 to $22.54 billion in 2023.
- Long-term debt also increased by 7%, while short-term debt saw a slight decline.
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