• The poorest countries in the world now spend over a tenth of their export income to service external debt, the highest proportion since 2000, the World Bank said on Tuesday in its annual International Debt report.
  • The debt overhang is larger as countries slide down the wealth scale with the poorest countries increasing their debt over the past decade at a much faster clip than other economies. External debt doubled to $9 trillion among developing economies, but members of the International Development Association (IDA), the World Bank’s arm set to help the poorest countries, saw their debt nearly triple to $1 trillion.
  • External debt servicing in IDA-eligible countries hit $46.2 billion at the end of last year, about 10.3% of their exports of goods and services. In 2010, the number stood at 3.2% according to the report.