• Of the 120 developing countries analysed, 90% are speculative or high-risk debtors. Together, they account for more than half of all debt service due in 2021-22 One of the Covid-19 pandemic’s many complex legacies will be a high level of public-sector debt in most countries. This reflects governments’ increased spending to tackle the crisis, as well as the collapse of tax revenues as economies imploded in 2020. As a result, many lower- and middle-income countries are at risk of sovereign-debt distress. Although many developed countries are heavily indebted, their interest rates are low by historical standards – and negative in real terms. Developing countries, despite increasing their pu
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