World Bank President David Malpass told senior Chinese government officials that Beijing needs to do more to ease the debt burdens on developing economies, the development lender said. | Reuters
Malpass participated in meetings with Chinese officials and state lenders in the eastern Chinese city of Huangshan, along with International Monetary Fund Managing Director Kristalina Georgieva, and leaders of other international institutions to discuss a range of macroeconomic issues.
The World Bank’s annual debt statistics report released on Wednesday shows this is equivalent to a tenth of their export income, the highest level since 2000. Malpass asked Finance Minister Liu for China’s “active leadership” in addressing unsustainable debts and accelerating Zambia’s ongoing debt restructuring process.
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