White House (Reuters) – According to World Bank President David Malpass, debt levels among low- and middle-income nations climbed sharply in 2021, with China accounting for 66% of financing by official bilateral creditors, underlining the necessity of lowering the debt of poorer countries.
Malpass told Reuters in an interview on Friday that it was apparent that private sector creditors had to take part in debt reductions. The World Bank’s annual report on global debt figures is scheduled to be released next month.
In order to help nations cope with the COVID-19 pandemic’s effects, the Group of 20 major economies and the Paris Club of official creditors developed a uniform framework for debt solutions in late 2020. However, its implementation has been sluggish.
