The Pandemic Debt Crisis Was Only Delayed, Not Solved.

While worries about the accumulated burden of sovereigndebt and the possibility of a debt crisis have beenpresent for years, the pandemic has exacerbated analready precarious situation for many low-incomecountries, revealing fundamental flaws in the currentarchitecture for sovereign debt restructuring. In mid-February,the World Bank issued a warning: Many lowincome countrieshit hardest by the pandemic are now on the brink ofserious debt crisis(https://www.worldbank.org/en/publication/wdr2022),complicating the global economic recovery from theCOVID-19 pandemic. [Extracted from the article]