International Debt Report (IDR) 2024
The International Debt Report (IDR) 2024 highlights record external debt levels of $8.8 trillion for low- and middle-income countries (LMICs) in 2023. This surge is attributed to pandemic-related borrowing for healthcare and economic recovery. Multilateral lenders like the IMF and World Bank played key roles during the crisis, as private lenders reduced lending. Rising inflation and high-interest rates have intensified debt servicing costs, straining resources for essential services. Despite recovery signs, LMICs face challenges like conflicts and weak growth, emphasizing the importance of sustainable debt management and policy coordination.
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