Are we heading for another developing world debt crisis? | Larry Elliott

Western bank loans for projects in Africa were to be paid off via rising commodity prices. At least that was the theory "

Global interest rates are rising. Poor countries are finding it tough to pay back money borrowed from banks in anticipation of a commodity windfall that never materialised. Stir in some dirty dealing that has seen funds stolen and what do you have? That's right: the makings of another debt crisis.

Poor country debt was supposed to have been sorted back in 2005, the year the Guardian changed from a broadsheet to its Berliner format. Now, 13 years later, we are changing format again and debt is back albeit in a different form. Last time, the focus was on public debt, money that poor-country governments owed to the International Monetary Fund, the World Bank and individual rich nations - and which was mostly forgiven as a result of the Gleneagles G8 agreement in 2005. These days, the issue is private-sector debt and while as yet only a handful of countries - mostly in sub-Saharan Africa - are in serious trouble, the warning signs are there. The IMF and the World Bank both know it.

Related: Why should Somalia's children starve to pay for a debt crisis they didn't create? | Kevin Watkins