For the last few years, developing countries have been spending more money on debt repayments to official and private lenders than they are receiving in new loans. Investments in official development assistance have kept most countries above water. With countries like the US, France, Germany, and the UK announcing drastic cuts to development assistance – at least 23% by 2027 – low- and middle-income countries will struggle to access the affordable capital needed to stay afloat. The world is in the midst of a debt crisis. […]