This debt mountain, as of 2015, represents 225 percent of gross domestic product (GDP), up from 200 percent in 2002 and signifies the extent to which increases in borrowing have outpaced economic growth during the period.

The fund said that about two-thirds of the total in 2015, or about $ 100 billion, is owed to borrowers from the private sector pointing out that the growth of private debt usually leads to financial crises.

The report coincides with Christine Lagarde, the Director of Monetary Fund, urging the State’s members, that are capable of borrowing and spending more, to do so in order to boost growth, which suffers from a persistent weakness.