WASHINGTON : World Bank President David Malpass on Thursday told senior Chinese government officials that Beijing needs to do more to ease the debt burdens on developing economies, the development lender said.
"President Malpass and Premier Li held a detailed discussion on the burden of unsustainable debt levels in many developing countries," the World Bank said. Malpass said that rapidly rising debt service payments were draining limited resources from debtor countries, reducing spending on health, education, infrastructure and climate priorities.
Malpass first confirmed his participation in the meeting last week at the Reuters NEXT conference, also revealing that the world's poorest countries now owe $62 billion in annual bilateral debt service, up 35 per cent from a year earlier. 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.
WorldBank And Millions dead
The amount of scammers from China now a days. They should have any debt owed payed off quick. Don't you worry.
China , Pls dont help anyone , let them rot ....
DavidMalpassWBG Great that, sir, DavidMalpassWBG saving the world from climate, unpaid debts, and economic crises. Green World lower-income countries competes and innovates in energy, the environment, with a lot of jobs. __China spent billions on space and didn't pay its debts on Earth!