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World Bank Urges G20 to Address Debt Problems Promptly

World Bank Urges G20 to Address Debt Problems Promptly

Saturday, 21 November, 2020 - 17:15
A participant stands near a logo of the 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 Photo

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.

"Debt reduction and transparency will enable productive investment, a key to achieving an earlier, stronger, and more lasting recovery. Of course, more needs to be done in this regard, as noted by Presidents Putin and von der Layen and others here today," he said in remarks to a summit of leaders of the Group of 20 major economies.

“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 added.

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