World Bank sounds alarm on soaring borrowing costs ...Middle East

MANILA, Philippines -Governments across the globe were saddled in 2022 with surging cost of borrowing and some, especially the poorest ones, are facing the risk of debt crises as public obligations reach record levels amid high interest rates, according to the World Bank. The multilateral lender came out with its latest International Debt Report on Dec. 13 even as global credit watchdog Fitch Ratings sees the Philippines debt profile improving, albeit slower than previously hoped for. The World Bank found that, amid the biggest surge in global interest rates in four decades, developing countries spent a record $443.5 billion to service their external public and publicly guaranteed debt i

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Last updated : 13 Dec 2023 clock 06:21 PM

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World Bank sounds alarm on soaring borrowing costs ...Middle East

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