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World Bank warns G20 against doing too little now to address debt problems
  + stars: | 2020-11-21 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: 1 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. REUTERS/Johannes P. Christo/File PhotoWASHINGTON (Reuters) - World Bank President David Malpass on Saturday warned G20 leaders that failing to provide more permanent debt relief to some countries now could lead to increase poverty and a repeat of the disorderly defaults seen in the 1980s. Malpass said he was pleased by progress on debt transparency and debt relief, but more needed to be done. “The debt challenges are becoming more frequent, including in Chad, Angola, Ethiopia and Zambia where, in the absence of more permanent debt relief, the poverty outlook remains bleak,” he said in remarks to a summit of leaders of the Group of 20 major economies.
Persons: Johannes P, David Malpass, Malpass, Organizations: Bank, International Monetary Fund, REUTERS, WASHINGTON Locations: Nusa Dua, Bali, Indonesia, Chad, Angola, Ethiopia, Zambia
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
Total: 2