The payments have left some of the world's poorest countries having to make cuts to health and education services and have limited their ability to tackle climate change.
Interest payments surged by nearly a third to $406bn, the Washington-based organisation said, benefiting banks based in financial centres such as London and New York and governments that have lent billions of pounds to low income countries.
Indermit Gill, the World Bank's chief economist, said low income countries were increasingly turning to agencies like his to fill the funding gap. "In highly indebted poor countries, multilateral development banks are now acting as a lender of last resort, a role they were not designed to serve," he said.
This story is from the December 04, 2024 edition of The Guardian.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the December 04, 2024 edition of The Guardian.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Amorim rewarded for keeping faith with his eternal optimist
This was a thrilling, bruising game, and even a very funny one at times.
Amorim's winter warmer
United manager hails side's mentality in thrilling draw
Referee 'not at Premier League level', says Silva
A frustrated Marco Silva, the Fulham manager, described the performance of Darren Bond, the referee, as \"not at Premier League level\" after he opted not to dismiss the Ipswich defender Leif Davis during the sides' 2-2 draw.
Diallo grabs vital point as United step up at Anfield
An evening of some redemption for Manchester United was not without its customary slice of Anfield agony. Thirty seconds remained of a gripping battle when Joshua Zirkzee spurned the chance of hero status among fans who jeered him six days earlier to present Harry Maguire with a clear sight of Alisson's goal.
Fulham toil against strugglers again as Jiménez rescues point
Imagine where Fulham would be if they could see off the strugglers. They averted a rare defeat when Raúl Jiménez converted his second penalty of the afternoon at the start of added time but never did enough to overcome a well-drilled Ipswich.
Isidor proves worth to keep nervy Black Cats in the leading pack
Before kick-off Portsmouth's manager, John Mousinho, suggested all the pressure would be on Sunderland, leaving his players free to relax, improvise and unlock their inner creativity.
Australia make hay in Bumrah's absence to clinch series win
Boland skittles India to set up World Test Championship final against South Africa
Gauff turns tables on Swiatek before Fritz seals trophy for US
Americans defeat Poland to secure United Cup glory as Sabalenka wins Brisbane title
Rybakina speaks out in defence of suspended coach Vukov
Elena Rybakina, the 2022 Wimbledon champion, has insisted that her former coach Stefano Vukov did not mistreat her during their coaching partnership after it was revealed that Vukov is under investigation by the Women's Tennis Association.
Rangers drop points on road again despite Igamane treble
Hamza Igamane's hat-trick was not enough to secure victory for Rangers as Rocky Bushiri's late header earned a dramatic 3-3 draw for in-form Hibernian at Easter Road.
