The external debt of developing economies has more than doubled from a decade ago to $9 trillion in 2021, the World Bank said Tuesday, warning the debt crisis facing these countries has intensified. The pandemic has forced many countries to take on more borrowing, and World Bank President David Malpass earlier warned that the world is facing a fifth wave of debt crisis. The external debt of IDA countries also nearly tripled in the decade leading up to 2021. "On the surface, debt indicators seem to have improved in 2021," the World Bank said, adding that "this was not the case for IDA countries." Vulnerabilities underscore an urgent need to improve debt transparency, the bank said.

Source: News 24 December 11, 2022 15:06 UTC