10 developing nations in debt crisis, most defaulting due to inflation

debt burden

Several developing countries face debt distress and some have opted to default on their loans. PHOTO | SHUTTERSTOCK

Photo credit: File | Nation Media Group

The record number of developing nations at risk of a debt crisis will be high on the agenda next week when central bankers, finance ministers and political leaders convene for the World Bank Group and International Monetary Fund (IMF) spring meetings.

Ballooning inflation, escalating borrowing costs and a strong dollar have made repaying loans as well as raising money significantly more expensive for dozens of developing nations pushing several into default last year.