Malpass says debt relief critical for poor countries

World Bank president says world risks “disorderly default process”

David Malpass
David Malpass
World Bank/Simone D. McCourtie

World Bank president David Malpass warned the current global economic climate could lead to widespread defaults in the developing world. Speaking on December 1, he said he was “worried about a disorderly default process”.

Malpass said the 74 low-income countries that participate in the World Bank’s International Development Association (IDA) owe 35% more this year than in 2021. This comes to $62 billion.

He said creditors were too slow to offer these countries debt restructuring. He singled

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