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The World Bank promises facilitation in structuring the debts of troubled economies
- Time: 02/25/2023 12:39:49
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{Economic: Al Furat News} The President of the World Bank, David Malpass, said in a meeting with the International Monetary Fund, India, China and other creditor countries, on Saturday, that the World Bank “will provide the largest possible facilitation in dealing with debts” for troubled economies.
The remarks come amid calls from China, the world's largest bilateral creditor, for global lenders to reduce the value of loans granted to developing countries affected by the impact of the Russian-Ukrainian war and the COVID-19 pandemic.
Meanwhile, the United States has repeatedly criticized China for being "slow" in providing debt relief for dozens of low- and middle-income countries.
And in a meeting on global sovereign debt in the Indian city of Bengaluru on the sidelines of the meeting of the financial leaders of the Group of Twenty: "The World Bank is committed to providing positive net flows in a way that increases the facilitation of the restructuring process."
"We will provide as much facilitation as possible to deal with the debt," he added.
Malpass also said he noted the "constructive remarks" of the Chinese central bank's vice governor at the G20 meeting on Friday, which "gave room to move forward" in resolving debt issues.
Reuters reported earlier this month that India, the current chair of the G20, is drafting a proposal for G20 countries to help indebted countries by asking lenders for a steep discount on loans.
[You must be registered and logged in to see this link.]
{Economic: Al Furat News} The President of the World Bank, David Malpass, said in a meeting with the International Monetary Fund, India, China and other creditor countries, on Saturday, that the World Bank “will provide the largest possible facilitation in dealing with debts” for troubled economies.
The remarks come amid calls from China, the world's largest bilateral creditor, for global lenders to reduce the value of loans granted to developing countries affected by the impact of the Russian-Ukrainian war and the COVID-19 pandemic.
Meanwhile, the United States has repeatedly criticized China for being "slow" in providing debt relief for dozens of low- and middle-income countries.
And in a meeting on global sovereign debt in the Indian city of Bengaluru on the sidelines of the meeting of the financial leaders of the Group of Twenty: "The World Bank is committed to providing positive net flows in a way that increases the facilitation of the restructuring process."
"We will provide as much facilitation as possible to deal with the debt," he added.
Malpass also said he noted the "constructive remarks" of the Chinese central bank's vice governor at the G20 meeting on Friday, which "gave room to move forward" in resolving debt issues.
Reuters reported earlier this month that India, the current chair of the G20, is drafting a proposal for G20 countries to help indebted countries by asking lenders for a steep discount on loans.
[You must be registered and logged in to see this link.]
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