Developing countries are confronting a difficult economic environment as interest rates continue to climb worldwide. These nations, frequently burdened with significant debt, are especially susceptible to the adverse effects of rising rates. Increased interest payments divert resources from essential public services and infrastructure projects, hindering economic development and potentially leading to instability. Furthermore, higher borrowing costs can discourage investment and slow economic growth, exacerbating existing challenges faced by developing economies. Prudent fiscal management and diversified economic strategies are crucial for mitigating these risks.