World Bank: Developing nations' debt hits $9.4 trillion record
Developing nations are facing a massive debt burden: $9.4 trillion, the highest ever, according to the World Bank.
This jump is driven by a rapid rise in private sector lending, and with interest rates for the poorest countries eligible for concessional World Bank lending at their highest since the late 1980s, many countries are struggling to invest in essentials like food security.
As Haishan Fu, the World Bank's chief statistician, put it, high borrowing costs are holding back progress.
UK uses G-20 for debt reforms
The UK plans to tackle this debt crisis during its G-20 presidency.
Former Labour Prime Minister Gordon Brown will look into ways to reform global debt rules, while Foreign Secretary Ed Miliband is pushing for longer repayment periods and lower interest rates.
Still, getting private lenders on board remains a big challenge compared to past efforts.