The International Monetary Fund (IMF) says emerging markets have over-borrowed over $3 trillion in debt, thus posing the greatest risks to the global economy amid a fifth straight year of slowing growth.

“We estimate that there is up to $3 trillion in over-borrowing in emerging markets,” Jose Vinals, a top IMF official, said in presenting the body’s Global Financial Stability report at its Annual Meetings in Lima, Peru.

Vinals, the Director of IMF’s Monetary and Capital Markets Department said unprecedented lending spree has ended with the plunge in prices for oil, minerals, commodities and economic slowdown in China.