We know that when used wisely and transparently, debt is important to finance development. Prudent debt can power economies and pave the way for a resilient future—allowing countries to focus on important investments in people and economic growth. Yet today, the poorest countries spend over $46.2 billion annually, equivalent to over 10 percent of their export revenues, to service long-term public and publicly guaranteed external debt. This marks the highest proportion since the year 2000. Amid this intensifying debt crisis facing developing countries, it is clear that a comprehensive approach is needed. […]