Global public debt has surged to a record $97 trillion in 2023.

Developing countries account for a third of this total debt.

The high debt levels are hindering many nations from funding crucial services like healthcare and education.

One in three developing countries spends more on debt interest payments than on essential services.

Countries such as Egypt, Mexico, Brazil, India, and China are facing significant public debt burdens.

These nations are experiencing soaring borrowing costs and paid a total of $847 billion in interest in a single year.

Efforts are underway to address the global debt crisis, including U.S. support for IMF loans and the African Union's push for debt relief.