Debt Crisis Threatens Developing Nations, World Bank Head Says
- World Bank, IMF working closely on debt-reduction procedures
- Nations must free up resources for health care, climate change
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Developing nations remain at risk of a debt crisis due to the impact of the global pandemic, and the World Bank is working on ways to reduce the burden, President David Malpass said.
The Washington-based development lender and the International Monetary Fund are collaborating closely on designing plans that connect debt reductions to freeing up resources for countries to invest in health care and initiatives to fight climate change, Malpass said.