Around the globe, the coronavirus pandemic is racking up a mind-blowing bill: Trillions of dollars in lost tax revenue, ramped-up spending and new borrowing set to burden the next generation with record levels of debt. In the direst cases – low- and middle-income countries, mostly in Africa and Latin America, that are already saddled with backbreaking debt – covering the rising costs is transforming into a high-stakes test of national solvency.

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