Debt of poorest countries at record $9.4tn high, World Bank data shows

Cost of servicing external debt is preventing developing countries from investing for future

Debt owed by developing countries rose to a record $9.4tn (£7tn) last year, with the poorest paying the highest interest rates since the late 1980s, World Bank data shows.

The UK government is preparing to champion a “new drive on debt” as part of its presidency of the G20 next year – a move the prime minister, Andy Burnham, has linked to confronting the legacy of slavery.

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