The world’s 50 poorest countries will pay off $62 billion in debt by 2022

According to the report, the group consisting mainly of African countries currently spends 10.3 percent of its annual export revenue on debt repayment, while in 2010 this ratio was only 3.2 percent.

The public debt of developing countries doubled in the previous decade and rose to 9 trillion dollars. That of the poorest countries rose at an even faster pace: in ten years it tripled to 1 trillion dollars.

During the pandemic, the Debt Service Suspension Initiative (DSSI) was created at the initiative of developed countries. The group, which includes mainly African countries, was assured of a debt restructuring of 8.9 billion dollars until 2021. However, this is barely a tenth of the $99 billion repaid in 2021.

World Bank President David Malpass says a comprehensive approach is needed to reduce debt, increase transparency and promote faster restructuring.

Some countries are forced to spend unrealistically high sums on debt repayment. Ghana, Sri Lanka and Zambia pay creditors between 70 and 100 percent of their total annual budget revenue.

Source: by

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