The World Bank says developing countries spent a record US$443.5 billion to service their external public and publicly guaranteed debt in 2022.
In its latest International Debt Report, it says this increased cost moved scarce resources away from critical budget items such as health, education, and the environment.
Debt-service payments, which include principal and interest, increased by 5 per cent over the previous year for all developing countries.
The World Bank says the 75 countries eligible to borrow from its International Development Association—which supports the poorest countries—paid a record US$88.9 billion in debt-servicing costs in 2022.
In relation to Jamaica, the World Bank says the country's total external debt stock amounted to US$17.6 billion last year.
That's slightly lower than the 2021 figure of $17.8 billion.
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