World Bank calls on creditors to cut poorest nations' debt payments


Cooperation needed to avoid turning Covid-19 into deeper economic crisis, says economist

Private sector lenders to some of the world’s poorest countries should agree plans to reduce debt payments or risk turning the Covid-19 pandemic into a deeper economic crisis, the World Bank has said.

Speaking before the start of the G20 finance ministers meeting this weekend, the bank’s chief economist, Carmen Reinhart, said banks and hedge funds that lend to the developing world should cooperate with moves to cut debt payments, allowing poorer countries to pay for vital medical and food supplies.

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