Poor countries get a new playbook for managing their debts

The World Bank has published a new guide for countries struggling with debt. It tells governments how to use specific financial tools to reduce their debt burden.

Countries often get into debt trouble and then have few options to fix it without severe economic pain. This manual gives them a step-by-step guide to restructure their debts using methods that have worked for others. It means more countries might be able to avoid default or deep austerity measures.