There are a few options. Debt should be regularly forgiven, as was done throughout the history of civilization until very recently. Debt on a sovereign level should only be taken in that country's own currency, so they aren't forced to sell their goods internationally at cut rate prices to get the foreign currency required to repay the debt. The imperialist Bretton Woods financial institutions must be dissolved, as their policies and iron fists are the drivers of this unproductive and exploitative debt.

Some of these things are becoming options with the BRICS financial institutions, debt policies, and development policies, but none of these things will fully happen at a global level until capitalists are removed from power and regions can develop in the way their people so desire.