Without aggressive policy action, the COVID-19 pandemic could turn into a protracted debt crisis for many developing countries. Debt risks in developing countries were already high prior to the pandemic. These risks are now materializing. High debt servicing hamstrings developing countries’ immediate response to COVID-19 and rule out needed investment in the United Nations Sustainable Development Goals (SDGs). A debt crisis would dramatically set back sustainable development. The global community has responded. Partial debt service suspensions were offered to 76 low-income developing countries eligible to the World Bank’s International Development Association (IDA) — which includes all least developed countries (LDCs) and 13 small island developing States (SIDS). The IMF also offered further debt service relief to 25 of the poorest countries.