One of the most serious challenges facing the global economy today is the impending sovereign debt crisis in many middle- and low-income countries. The fiscal outlook in some of these countries appeared dire even before interest rates started climbing and spending related to COVID-19 caused debts to soar. Several economies face growing debt service payments at a time when capital is flowing out from the developing world. These pressures are bearing down on more countries and involve a larger amount of sovereign debt than at any other time in recent history. […]