Meaning of DEBT CRISIS

Meaning of DEBT CRISIS:

In the post-colonial period, developing countries faced one key problem. It was hard for them to get enough capital to develop their industrial base and the supporting infrastructure. If they invited foreign firms to bring their own capital in, those firms tended to keep the money and know-how to themselves. But the international funding bodies were not keen to lend money to governments or private companies to set up steel mills, power stations and harbours, let alone schools and hospitals.