Debt of poorest countries at record $9.4tn high, World Bank data shows

Cost of servicing external debt is preventing developing countries from investing for future

Debt owed by developing countries rose to a record $9.4tn (£7tn) last year, with the poorest paying the highest interest rates since the late 1980s, World Bank data shows.

The UK government is preparing to champion a “new drive on debt” as part of its presidency of the G20 next year – a move the prime minister, Andy Burnham, has linked to confronting the legacy of slavery.

In its annual International Debt Report, the World Bank said the rising cost of servicing external debt was preventing some governments from investing for the future.