By the end of 1990 the world's poor and developing countries owed more than $1.3
trillion to industrialized countries. Among the largest problem debtors were
Brazil ($116 billion), Mexico ($97 billion), and Argentina ($61 billion). Of the
total developing-country debt, roughly half is owed to private creditors, mainly
commercial banks.
The rest consists of obligations to international lending organizations
such as the International Monetary Fund (IMF) and the World Bank, and to
governments and government agencies—export-import banks, for example. Of the
private bank debt, the bulk has been incurred by middle-income countries,
especially in Latin America. The world's poorest countries, mostly in Africa and
South Asia, were never able to borrow substantial sums from the private sector
and most of their debts are to the IMF, World Bank, and other governments.
trillion to industrialized countries. Among the largest problem debtors were
Brazil ($116 billion), Mexico ($97 billion), and Argentina ($61 billion). Of the
total developing-country debt, roughly half is owed to private creditors, mainly
commercial banks.
The rest consists of obligations to international lending organizations
such as the International Monetary Fund (IMF) and the World Bank, and to
governments and government agencies—export-import banks, for example. Of the
private bank debt, the bulk has been incurred by middle-income countries,
especially in Latin America. The world's poorest countries, mostly in Africa and
South Asia, were never able to borrow substantial sums from the private sector
and most of their debts are to the IMF, World Bank, and other governments.