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World Bank warns G20 against doing too little to tackle debt problems
  + stars: | 2020-11-21 | by ( Reuters Staff | ) www.reuters.com sentiment -0.96   time to read: +2 min
FILE PHOTO: A participant stands near a logo of World Bank at the International Monetary Fund - World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. “Debt reduction and transparency will enable productive investment, a key to achieving an earlier, stronger and more lasting recovery,” Malpass told G20 leaders during a videoconference meeting. Some countries, including China, have remained reluctant to embrace the need for debt cancellation, although top economists say that will likely be needed in some cases. Private sector creditors have also failed to join in, despite repeated calls by G20 leaders, civil society groups and the United Nations. In Sudan, he said he was hopeful that arrears clearance could move quickly, especially given the inflow of refugees from neighboring Ethiopia, which would allow substantial World Bank funding to begin flowing almost immediately.
Persons: David Malpass, Johannes P, Malpass, ” Malpass, Organizations: WASHINGTON, Bank, International Monetary Fund, REUTERS, Group, United Nations, West Bank, United Locations: Nusa Dua, Bali, Indonesia, Latin America, Chad, Angola, Ethiopia, Zambia, China, Somalia, Lebanon, Gaza, Sudan, United States
FILE PHOTO: World Bank President David Malpass attends the "1+6" Roundtable meeting at the Diaoyutai state guesthouse in Beijing, China November 21, 2019. REUTERS/Florence LoWASHINGTON (Reuters) - World Bank President David Malpass said on Friday that G20 countries need to move forward with “deep, permanent debt relief” and some may need to make legislative changes to push private-sector creditors to support sovereign debt restructurings for distressed countries. Malpass, in remarks to a G20 finance ministers and central bank governors meeting on Friday, said that“Major jurisdictions may need to look to legislative changes to support faster progress if private creditors aren’t able to move forward on their own,” Malpass said, referring to the bank’s call to require public creditor institutions to disclose debt contracts and make refinancing agreements public. “Where good faith efforts to reach agreement with creditors are underway, tolerance of arrears accumulation may be necessary to support COVID-related spending.”
Persons: David Malpass, Florence Lo WASHINGTON, ” Malpass, Organizations: Bank, REUTERS Locations: Beijing, China, Florence
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