Developing countries pay $1.4-T debt service

WASHINGTON, D.C. — The World Bank on Tuesday said developing countries spent a record $1.4 trillion to service their foreign debts in 2023 as interest costs climbed to a 20-year high, squeezing budgets for necessities including health care, education and the environment.

The bank’s latest International Debt Report showed that total foreign debt interest payments from developing countries surged to $406 billion, with the most difficult strains on the poorest countries.