The World Bank’s December 2019 report Global Waves of Debt warned of the size, speed, and breadth of the post-2010 buildup of debt in developing countries. The International Monetary Fund (IMF) also sounded the alarm, labeling the debt buildup “the worst crisis in a generation.” Sixty percent of developing countries, including Sri Lanka, Ghana, Angola, Zambia, Ethiopia, Argentina, and Pakistan, are facing debt distress. Negotiations to address the problems have foundered in recent years, with countries like Zambia suffering through years of stop-and-go talks to restructure their external debts and secure some write-offs from creditors.
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