Debt levels among low- and middle-income countries rose sharply in 2021, with China accounting for 66% of lending by official bilateral creditors, World Bank President David Malpass said, underscoring the need to reduce the debt of poorer countries.
The World Bank's annual report on global debt statistics, due out next month, makes clear that private sector creditors also needed to participate in debt reductions, Malpass told Reuters in an interview on Friday.
Preliminary data released by the World Bank in June showed the external debt stock of low- and middle-income countries rose, on average, 6.9% in 2021 to $9.3 trillion, outpacing the 5.3% growth seen in 2020. "The report makes clear that debt reduction needs to extend broadly to include the private sector and China," Malpass said, adding that the overall debt issue would be a big topic at the upcoming"There will be a recognition of the severity of the problem," Malpass said, although he said there had been "little uptake" of his push for an immediate freeze in debt payments when countries sought relief under the G20 common framework and other reforms aimed at speeding...
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