This is more accurately called an economy with a vicious circle system. Debt will be a binder for each generation that continues to bear the consequences of government carelessness in making decisions. This debt is then utilized in sectors that are sometimes not in accordance with the objectives. Infrastructure is still stagnant, people's welfare is never achieved because in the process the people are burdened with higher taxes. That is why the debt system to the world bank will continue to be a vicious circle that has no end.
The person that invented debt system is a genuine person but he never put corruption into consideration while making it adoptable by many countries. Any country is entitled to borrow under some conditions that you can only broow when your total generated revenue and production is greater than what you are borrowing, In fact, borrowing morr than 50% of what you country is making in a year is economical suicide but our lawmakers are very corrupt.
What you are borrowing should be for either infrastructure or development and not for embezzlement. I don't know for other countries but money borrowed in my country are been allocated for different projects and I can tell you that most of the funds are been embezzle all the way the top of the high officials to the local project awards, everybody makes sure they eat from this money and after the 4 years, the government end up doing nothing and the next government comes and inherited the next debt.