World Bank looking to trim poor nations’ debt stock faster
David Malpass says the next step — haircuts or writedowns — is harder and speed will be a priority this time
Washington — The World Bank is looking at ways to reduce the amount of debt owed by poor countries — rather than simply delaying payments — to attract more investors in the wake of the global pandemic and recession, president David Malpass said.
The coming months and the annual meetings of the World Bank and International Monetary Fund in October present a good time horizon for action, Malpass said on Wednesday in a Bloomberg Television interview with Tom Keene. Malpass said he also sees an opportunity to extend relief under the Debt Service Suspension Initiative (DSSI) that started in May into 2021, an option that he believes will have support from the G-7 and G-20 leading economies...
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