WASHINGTON, April 11 — World Bank Group President David Malpass on Friday said he was confident of progress on his joint call with the International Monetary Fund for a temporary standstill in official bilateral debt payments by the world’s poorest countries. Malpass said the proposal would be...
Saturday, 11 Apr 2020 09:32 AM MYT
Malpass said the proposal would be discussed next week by finance officials of both the Group of Seven and Group of 20 economies, and he expected a “broad endorsement” by the 25-member joint Development Committee of the World Bank and IMF when it meets on Friday. The proposal calls for China and other big creditors to suspend debt payments from International Development Association countries beginning May 1, freeing up resources for them to fight against the pandemic. The IDA countries are home to a quarter of the world’s population and two-thirds of the world’s population living in extreme poverty.
China’s government, banks and companies lent some US$143 billion to Africa between 2000-2017, much of it for large-scale infrastructure projects, according to data from Johns Hopkins University. By some estimates, Chinese lending now dwarfs World Bank loans in Africa.
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