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Friday, October 30th, 2020

World Bank Chief Calls upon wealthy nations to cancel debts to Coronavirus hit poor countries

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JNS: World Bank President David Malpass has called upon wealthy nations, including China, to cancel debts to poor countries in a bid to help them to bear up the impact of coronavirus, saying efforts made so far were important but inadequate.

Addressing an online event hosted by the Frankfurt School of Finance and Management, the World Bank president blamed China for the worsening debt situation in some poor countries and accused it of not taking part fully in the Group of 20 Debt Service Suspension Initiative (DSSI).

World Bank President called China’s well-capitalised creditors, an added factor in the current wave of debt troubles in the world’s poorest countries, reported AIR.

He lamented that Chinese lenders have expanded their portfolios dramatically and are not fully participating in the debt rescheduling processes, it stated.

Japan, a few days ago, urged Group of Seven (G7) advanced economies to put more pressure on Beijing to abide by G-20 led Debt Service Suspension Initiative for poor countries.

Malpass has also called other wealthy nations to participate in this scheme.

 

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