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Least developed countries’ debt hit $744bn in 2019 – World Bank

The World Bank’s latest edition of the International Debt Statistics (IDS) report has released more detailed data on countries’ external debt.

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The report gave a breakdown of what each borrowing country owes to official and private creditors.

It also revealed the expected month-by-month debt-service payments owed to them through 2021.

The World Bank, in a statement, said before the COVID-19 pandemic, rising public debt levels were already a cause for concern.

Particular reference was made to the world’s poorest countries listed in the Four Waves of Debt report published in December 2019.

The statement said responding to a call from the World Bank and the International Monetary Fund (IMF), the G20 endorsed the Debt Service Suspension Initiative (DSSI) in April 2020.

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This assisted 73 of the poorest countries to manage the impact of coronavirus.

In the 2021 IDS report, the total external debt of DSSI-eligible countries climbed 9.5% to a record $744 billion in 2019 from the previous year.

The development reiterates an urgent need for creditors and borrowers to collaborate to stave off the growing risk of sovereign-debt crises triggered by the pandemic.

As at December 2006 after Nigeria cleared the Paris Club loan, its external debt was $3.5 billion.

In December 2019, it surged to a 16-year high of $27billion.

Source: dailypost.ng
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