World Bank warns of rising debt risks

By The Manila Times

Dec 08, 2022 12:27 am

THE World Bank on Tuesday warned of rising debt-related risks for developing countries, the Philippines included, as external debts more than doubled to over $9 trillion in the last 11 years.

Risks have particularly worsened for those eligible to borrow from the International Development Association (IDA), the World Bank said in its latest International Debt Report, as their borrowings more than tripled to $1 trillion in the same period.

Vehicles drive past the World Bank headquarters in Washington, DC on January 10, 2022. (Photo by Stefani Reynolds / AFP)

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