Poor countries set to lose as rich nations start raising rates

Cheap money borrowed from abroad can turn out to be a bad bet

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20220126 Sri Lanka rupee banknote.JPG

Sri Lankan rupee note: Sri Lanka is by no means the only country staring bankruptcy in the face. © Reuters

Rupa Subramanya is a researcher and commentator. She is a distinguished fellow of the Asia Pacific Foundation of Canada and the co-author of "Indianomix: Making Sense of Modern India."

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