World Bank chief says some countries need permanent debt service reductions

World Bank chief says some countries need permanent debt service reductions

World Bank President David Malpass on Wednesday called for the Group of 20 major economies to extend a freeze on official bilateral debt payments by the world’s poorest countries through 2021, and said some very heavily indebted countries will need permanent debt service reductions, Reuters reports.

Malpass said all official bilateral creditors, including policy banks such as China’s Development Bank, should participate in the G20 debt relief initiative.

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