SDG #17 is to “Strengthen the means of implementation and revitalize the Global Partnership for Sustainable Development”
Within SDG #17 are 19 targets, of which we here focus on Target 17.4:
Assist developing countries in attaining long-term debt sustainability through coordinated policies aimed at fostering debt financing, debt relief and debt restructuring, as appropriate, and address the external debt of highly indebted poor countries to reduce debt distress
Target 17.4 has one indicator:
Indicator 17.4.1: Debt service as a proportion of exports of goods and services
Countries can enter financial distress when unable to pay their debts, and there may be a need to restructure the debt or for debt relief. From a more cynical perspective, creditors may even use the debt trap as a tool for diplomatic leverage over the debtor.
As of 2021, the countries with the largest debt service as a proportion of goods and services were Sudan and Belize. Each had proportions greater than a half. Among the least developed countries, the proportion was 11%, up from 7% in 2015