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The World Bank’s International Debt Report 2023 highlighted rising debt-related risks for all developing economies—low as well as middle-income economies—but the strain was intensifying for the world’s 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 Bank’s International Development Association (IDA) paid a record $88.9 billion in debt-servicing costs in 2022, 4.8 percent more than in 2021. The world’s 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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    Manuella Fransicso

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