Global Debt Crisis: Developing Nations Struggle with Record High Interest Rates
Originally Published 2 years ago — by Bloomberg
The debt crisis is hitting the poorest nations hard, with countries like Nigeria borrowing more just to make debt payments. Nigeria's finance minister pledged to cut spending and increase tax collection to address the issue, but the country's 2022 debt payments already exceed its revenue by $900 million. This highlights the challenge faced by these nations in repaying their debts, which are often subject to high interest rates and owed to foreign investors.