Dhaka, July 4 -- More than half of the world's low-income countries are either already in or nearing a high risk of debt distress, the World Bank has warned, calling on global leaders to adopt "radical debt transparency" to avert future financial crises.

In its latest report, Radical Debt Transparency, the Bank reveals that 54 percent of low-income countries face severe debt vulnerabilities, with many spending more on debt repayments than on essential sectors such as education, healthcare, and infrastructure combined.

"Without urgent action, future debt crises will not only be the result of economic shocks, but also of undisclosed and misunderstood liabilities," said Axel van Trotsenburg, World Bank Senior Managing Director, in a signed...