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World Bank President David Malpas today called for accelerating debt relief for developing countries with China’s full participation, warning that any delay increases the risks to their economies from high interest rates, currency devaluation and uncertainty. food.
Speaking at a news conference on the occasion of the presentation of the World Bank’s new report on global economic prospects, Malpas said that the poorest countries are facing $ 35 billion in debt service to public and private creditors, Reuters reports.
He stated that debt relief means that the poorest countries can not use that money to solve problems and fight the COVID-19 pandemic and that more than 40 percent of the total amount refers to China’s debt .
“The risks of chaotic default are increasing,” Malpas said.
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