World Bank President 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 as much easing as possible in debt processing” to troubled economies.
The comments come amid calls from China, the world’s largest bilateral creditor, for global lenders to reduce loans to developing countries affected by the impact of the Russo-Ukraine war and the COVID-19 pandemic.
Meanwhile, the United States has criticized China for its “slowdown” in debt relief for dozens of low- and middle-income countries.
“The World Bank is committed to providing positive net inflows in a way that further facilitates the restructuring process,” he said at a meeting on global sovereign debt in Bengaluru on the sidelines of the G20 financial leaders’ meeting.
“We will provide as much easing as possible to address debt,” he added.
Malpass also said he referred to the “constructive statements” of China’s deputy central bank governor at Friday’s G20 meeting that had “given room to move forward” on debt issues.
Reuters reported earlier this month that India, the current head of the G20, was drafting a proposal for G20 countries to help debtor countries by requiring lenders to significantly reduce loans.
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