High interest rates are reportedly siphoning money away from spending on health, education, and other critical needs Developing nations spent a record $443.5 billion to service their external public and publicly guaranteed debt in 2022 amid the biggest surge in global interest rates in four decades, according to the latest World Bank report. The research found that this increase shifted scarce resources away from critical needs such as health, education, and the environment. Debt-service payments (both principal and interest) jumped by 5% over the previous year for all developing countries, the report showed. It f
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