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WHO GAINS FROM BALLOONING DEBT?
Down To Earth
|July 01, 2025
Rising interest and falling exchange rates are driving capital back to developed nations—and closing doors to credit for developing countries
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THE MOUNTING debt burden of the developing world has reached a stage where it has completely reversed the North-South resource flows. According to the World Bank International Debt Statistics, developing countries experienced a net resource outflow when they could least afford it. In 2022 and 2023, developing countries cumulatively paid $38.5 billion more to their external creditors than they received in fresh disbursements, resulting in a negative net resource transfer. No other statistics could make a greater mockery of the rich world's idea of itself as a benefactor of the developing world. As experts point out, this reverse flow of resources is not only immoral but it is a major contributing factor to continued poverty and environmental degradation in poor countries, where economic resources have to be exploited quickly, simply to pay off debt.
This story is from the July 01, 2025 edition of Down To Earth.
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