"Reimagining Public Debt for Sustainable Development in Developing Countries"

Developing countries are facing a debt crisis due to ballooning inflation, escalating borrowing costs, and a strong dollar, which have made repaying loans and raising money significantly more expensive. Several countries have already defaulted on international loans, while others are at risk of a debt crunch. The World Bank Group and International Monetary Fund (IMF) spring meetings will discuss this issue. Countries such as Egypt, El Salvador, Ghana, Lebanon, Malawi, Pakistan, Sri Lanka, Ukraine, and Zambia are grappling with foreign exchange shortages, budget deficits, and high debt service costs. They are seeking rework under the Common Framework, securing IMF packages, and restructuring their debt to secure more funding.