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WB chief concerned that G20 finance ministers not taking steps to deal with debt overhang

World Bank Group President says that he does not believe G20 finance ministers are taking adequate steps
Published 19 Feb, 2022 12:59am
World Bank Group President said that the concern is that G20 is not identifying the steps forward that would deal with this debt overhang.
World Bank Group President said that the concern is that G20 is not identifying the steps forward that would deal with this debt overhang.

WASHINGTON: World Bank Group President David Malpass said on Friday that he does not believe G20 finance ministers are taking adequate steps to deal with a growing debt overhang that is threatening the recovery of poor countries that will have to spend precious resources repaying debt to wealthy creditors.

"You know, the G 20 finance ministers are meeting right now today, trying to hammer out a communique," Malpass told a forum at the Munich Security Conference. "And the concern is that G20 is not identifying the steps forward that would deal with this debt overhang."

A final communique from the G20 finance leaders meeting hosted by Indonesia was delayed over disagreements with Russia and China over references to geopolitical tensions and language on debt restructuring, people familiar with the negotiations said.

World Bank

G20

debt relief

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