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Annual International Debt report 2024
December 9 , 2024
14 days
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- The World Bank recently released the "International Debt Report 2024.
- Tight monetary policies in high-income countries pushed interest rates to a 20-year high.
- The Developing nations collectively spent an unprecedented $1.4 trillion servicing their foreign debt in 2023.
- Interest payments surged nearly 33 per cent to $406 billion.
- The world’s poorest and most vulnerable nations paid a record $96.2 billion in debt service during the year.
- While repayments of principal fell by almost 8 per cent to $61.6 billion, interest costs hit an all-time high of $34.6 billion.
- It is a fourfold increase compared to a decade ago.
- The combined external debt of low- and middle-income countries have reached a record $8.8 trillion at the end of 2023, an 8 per cent increase from 2020.
- Bangladesh and India have experienced over 90% increases in interest payments in 2023.
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