Developing countries at risk from US rate rise, debt charity warns

Jubilee Debt Campaign says 126 nations spend more than 10% of revenues on interest

The expected rise in US interest rates will increase financial pressures on developing countries already struggling with a 60% jump in their debt repayments since 2014, a leading charity has warned.

The Jubilee Debt Campaign said a study of 126 developing nations showed that they were devoting more than 10% of their revenues on average to paying the interest on money borrowed - the highest level since before the G7 agreement to write off the debts of the world's poorest nations at Gleneagles, Scotland, in 2005.