World Bank warns record debt levels could put developing countries in crisis

High interest rates siphoning money away from spending on health, education and tackling climate crisis

Urgent action is needed to prevent record debt repayments by the world’s poorest countries developing into a full-blown crisis, the World Bank has warned.

The Washington-based multilateral body said the escalating cost of servicing past borrowing caused by rising interest rates was siphoning money away from spending on health, education and tackling the climate crisis.