Editing Debt of developing countries (section)

===2004 Indian Ocean earthquake===
When the [[2004 Indian Ocean earthquake]] and tsunami hit, the [[G7]] announced a moratorium on debts of twelve affected nations and the [[Paris Club]] suspended loan payments of three more.<ref>[https://www.theguardian.com/tsunami/story/0,15671,1385701,00.html guardian.co.uk]</ref> By the time the Paris Club met in January 2005, its 19 member-countries had pledged $3.4 billion in aid to the countries affected by the tsunami.

The debt relief for tsunami-affected nations was not universal. Sri Lanka was left with a debt of more than $8 billion and an annual debt service bill of $493 million. Indonesia retained a foreign debt of more than $132 billion<ref>{{Cite web|url=http://www.jubileeusa.org/take_action/Indonesiaodious.pdf |title=Odious Debt Case Studies Series |website=Jubilee USA Network |url-status=dead |archive-url=https://web.archive.org/web/20051222073720/http://www.jubileeusa.org/take_action/Indonesiaodious.pdf |archive-date=22 December 2005 }}</ref> and debt service payments to the World Bank amounted to $1.9 billion in 2006. In 2015 the total debt of Sri Lanka is $55 billion.<ref>{{Cite news|url=https://economictimes.indiatimes.com/news/international/world-news/new-chinese-loan-may-further-plunge-sri-lanka-into-debt-trap/articleshow/65659719.cms|title=New Chinese loan may further plunge Sri Lanka into debt trap|last=Chaudhury|first=Dipanjan Roy|date=2018-09-03|work=The Economic Times|access-date=2019-12-09}}</ref> Some of this is due to borrowing to help with infrastructure and some of it is due to corruption. The last time they sought help from the IMF was 2009, they received a $2.6 billion loan. They have yet to recover from the tsunami.<ref>{{cite news|last1=Sirimanne|first1=Asantha|last2=Ondaatjie|first2=Anusha|title=Sri Lanka Looks to IMF for Help as Debt Burden Climbs|url=https://www.bloomberg.com/news/articles/2015-01-20/sri-lanka-looks-to-imf-for-help-as-debt-burden-climbs|access-date=6 April 2015|agency=Bloomberg News}}</ref>