According to figures cited by the Guardian, total borrowing by developing nations climbed to $9.4 trillion, equivalent to £7 trillion, during the previous year. The Guardian reported that World Bank data indicated the poorest states faced interest rates not seen since the latter part of the 1980s. Servicing external debt, the report noted, was limiting their ability to invest for the future. The Guardian reported that the UK government planned to promote a "new drive on debt" during its forthcoming G20 presidency next year. Prime Minister Andy Burnham connected the initiative to addressing the legacy of slavery.
Source: The Guardian.
