billion in 1990 to almost $400 billion in 2017). billion, equivalent to 0.09% of developing coun- However, when compared to recipients’ GDP, dis- not returned to the peak levels in the late 1990s. In 2023, the PPG debt disbursement-to-GDP ratioThe debt financing structure has undergone stood at 1.68%, much lower than that of 2.74%adjustments. Creditors of Global South countries official, multilateral, and private. Decomposing nal PPG debt, calculated as disbursements minus amortization and interest payments. During the tries were experiencing debt crises—these flows during the boom period, yet it is also the biggest were negative, indicating that repayments exceed-drag during the bust period. Multilateral creditors ed new disbursements. Starting in 2008, amid maintained relatively steady growth and provided omies, this trend reversed, and net transfers rosecrisis, but its magnitude was insufficient to significantly, peaking in 2014 at over 1 percent creditors in 2022. The contribution of bilateral the COVID-19 pandemic. In 2023, net transfers official financing remained limited. Disbursement of external PPG debt to LMICs except China, as current USD and as percentage of recipients' Source: World Bank International Debt Statistics (2024), World Development Indicators (2025)