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World Bank chief hails G20 debt relief progress

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Special: Xi Attends BRICS Summit, APEC Meeting, G20 Summit

World Bank Group President David Malpass said on Saturday he was very happy to see the progress made by the Group of 20 (G20) on debt transparency and debt relief.

“These are important and positive steps for development, and I was pleased to see constructive responses from major creditors,” Malpass said in a speech to the G20 summit hosted by Saudi Arabia via video conference on the 21st and 22nd. November.

The G20 approved the Debt Service Suspension Initiative (DSSI) in April to help poorer countries in response to the COVID-19 pandemic. The DSSI was extended in October for another six months.

Last week, G20 finance ministers and central bank governors pledged to engage with DSSI in close coordination, saying maximum support would be provided to countries eligible for DSSI.

Chinese President Xi Jinping said on Saturday that the country supports a G20 decision on extending the DSSI and will continue to fully implement it with other parties.

“President Xi’s pledges and announcements from last week are useful and welcome,” Malpass said at the virtual summit.

“Debt reduction and transparency will enable productive investments, a key to achieving a faster, stronger and more sustainable recovery,” said the head of the World Bank, adding that “more must be done”.

Malpass noted that debt problems are on the rise, particularly in Chad, Angola, Ethiopia and Zambia where, in the absence of more permanent debt relief, “the prospects for poverty remain. dark ”.

“We have to beware of doing too little now and then suffering from messy defaults and repeated debt restructurings like in the 1980s,” he said.




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