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 d...

 

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

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.

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.

COMMENTS

Name

BBNaija,2112,Business,2709,CampusGist,1035,Celeb,4898,celebrities,240,Comedy,8,CONFESSION,11,Education,2214,Entertainment,5477,Fashion,367,Featured,626,Gist,2037,Health,677,Job,3,Lifestyle,873,Music,152,MY STORY,37,News,75743,Opinion,704,Poem,10,Politics,12536,Relationship,210,Sponsored Contents,31,Sports,15132,Style & Travel,47,Success Stories,264,Technology,342,Video,114,
ltr
item
Saga Gist - Top Source for Nigeria News: Least developed countries’ debt hit $744bn in 2019 – World Bank
Least developed countries’ debt hit $744bn in 2019 – World Bank
https://dailypost.ng/wp-content/uploads/2020/10/world-bank.jpg
Saga Gist - Top Source for Nigeria News
http://www.sagagist.com.ng/2020/10/least-developed-countries-debt-hit.html
http://www.sagagist.com.ng/
http://www.sagagist.com.ng/
http://www.sagagist.com.ng/2020/10/least-developed-countries-debt-hit.html
true
3363430711841052055
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share to a social network STEP 2: Click the link on your social network Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy Table of Content