Economics
World Bank Urges G-20 to Extend Debt Suspension Through 2021
- Standstill begun in May, only runs through end of this year
- Malpass calls for debt reduction, resolution and transparency
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World Bank President David Malpass called on the Group of 20 leading economies to extend the current suspension of debt repayments by the poorest countries through the end of 2021 and broaden the scope to deal with the global pandemic.
The virus and worldwide recession will lead to rising poverty in impoverished nations and debt burdens for some countries are rising to crisis levels, Malpass said in remarks prepared for a virtual meeting of G-20 finance ministers and central bankers on Saturday.