Pakistan, June 29 -- Debt service payments by developing countries soared by $74 billion in 2024 from $847 billion to $921 , according to a new UN report, which points out that two-thirds of the low income nations are either in debt distress or at a high risk of it.

The report, "Confronting the Debt Crisis: 11 Actions to Unlock Sustainable Financing," was launched on Friday by UN Deputy Secretary-General Amina Mohammed.

Ms Mohammed was joined by experts Mahmoud Mohieldin and Paolo Gentiloni, along with Rebeca Grynspan, Head of the UN Conference on Trade and Development (UNCTAD).

"Borrowing is critical for development," Ms Mohammed said, but today, "borrowing is not working for many developing countries, over two-thirds of our low incom...