At first glance, lower global interest rates have eased external debt pressures on low- and lower middle-income countries (LLMICs) in 2024. Net transfers on external debt - disbursements minus debt servicing costs - have significantly improved for the first time in three years. Many countries have once again issued in global bond markets, gaining access to international finance for the first time in years, reflecting improved investor confidence; external debt to GDP ratios have stabilised; and several countries have completed debt restructurings using the G20’s newly established Common Framework (see also IMF 2025). […]