The external debt of low- and middle-income countries will rise by 5.5% in 2025 to a record $9.4 trillion, the World Bank reports. The cost of debt servicing for the poorest countries was the highest since 1989, when the average interest rate on new private loans was 8.2% and on bonds at 9.4%. The organization notes that rising debt burdens leave developing countries with fewer resources for long-term economic development.