World Bank warns G20 against doing too little now to address debt problems

Representative Image. Credit: Reuters Photo

World Bank President David Malpass on Saturday warned G20 leaders that failing to provide more permanent debt relief to some countries now could lead to increase poverty and a repeat of the disorderly defaults seen in the 1980s.

Malpass said he was pleased by progress on debt transparency and debt relief, but more needed to be done.

"The debt challenges are becoming more frequent, including in Chad, Angola, Ethiopia and Zambia where, in the absence of more permanent debt relief, the poverty outlook remains bleak," he said in remarks to a summit of leaders of the Group of 20 major economies.

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