b'Expressing concern that about the implications of elevated while a systemic debt crisis   in which a growing number of developing countries move from debt distress to debt default   looms on the horizon, a debt vulnerabilities for achieving development goals and strengthening economic resilience crisis is already under way, and that for developing countries, keeping debt default at bay has come at a high cost, with external debt service draining resources away from achieving sustainable development (based on SG report page 3). '