WASHINGTON: High debt levels, rising debt-service costs and a sharp drop in official development assistance are forcing developing countries and institutions that help them to rethink development and look for new sources of funding, including from the private sector.
World Bank President Ajay Banga, who has led a drive that has more than tripled the private capital flowing to development projects since 2022, told the annual International Monetary Fund or IMF and World Bank meetings that changes were needed to help countries address headwinds posed by persistent conflicts, a drop in official development assistance and rising debt burdens.
A huge demographic…