High interest rates paid by poorer nations spark fears of global debt crisis

Campaigners say low-income countries urgently need debt relief on foreign borrowings as their interest rates soar

Fears of a deepening global debt crisis have been highlighted by research showing that low-income countries are paying rocketing interest on their foreign borrowing.

Analysis by the campaign group Debt Justice found that, while interest rates have been rising for rich and poor countries since the start of 2022, increases have been particularly severe for some of the most vulnerable poorer nations.