Poor Countries Debt at $744 Billion in 2019

The World Bank said that the debt of the world’s poorest countries touched a record of $744 billion in 2019, before the COVID pandemic, however debt relief is lagging, with China at the forefront.

Debt for the 73 poorest nations grew 9.5% per year. The World Bank said that this shows “an urgent need for creditors and borrowers alike to collaborate to stave off the growing risk of sovereign-debt crises triggered by the COVID pandemic.”