High on the agenda of the spring meetings of the International Monetary Fund (IMF) and World Bank earlier in April was the issue of developing country debt, which has become a long-festering problem. But it looks like not much will change.

Ever since the Covid-19 pandemic, a silent debt crisis has been rippling through the developing world, triggered by collapsing export revenues, domestic mismanagement and after 2022, the rise of US dollar interest rates.