According to the World Bank, the debts held by the world’s poorest countries rose 12% to $860 billion. The COVID-19 crisis required fiscal, monetary and financial stimulus packages that drove up debt across the globe. World Bank President David Malpass said the report showcases issues facing low and middle-income countries and called for steps that could help these countries reach sustainable debt levels. Chief economist of the World Bank, Carmen Reinhart, said, “Policymakers need to prepare for the possibility of debt distress when financial market conditions turn less benign.”