
External debt’s global significance in the Global South
The issue of foreign debt has been a focal point in conversations about economic advancement, social progress, and worldwide financial stability, specifically in relation to the Global South. This extensive area, which includes nations in Africa, Latin America, Asia, and Oceania, has faced the challenges and repercussions of depending on external loans from international lenders, private financiers, and multilateral organizations.Beginnings and Development of International DebtExternal debt generally occurs when states or businesses in emerging economies seek loans from foreign sources to support development initiatives, cover budgetary shortfalls, or stabilize unstable economies. The roots of extensive foreign debt can be traced…



