World Bank Prez Ajay Banga says China constructive partner, but more debt transparency needed

countries needed to work harder to use existing tools to try to restructure the debts of struggling poor countries before trying to replace them, Ajay Banga said.

World Bank President Ajay Banga.

Credit: Reuters Photo

World Bank President Ajay Banga said China has been a cooperative partner of the development lender, but more transparency is needed on debt contracts in order to accelerate debt restructurings for poor countries.

Banga told a news conference at World Bank-International Monetary Fund annual meetings in Morocco that countries needed to work harder to use existing tools to try to restructure the debts of struggling poor countries before trying to replace them. A Global Sovereign Debt Roundtable, which will meet later this week, has helped in some cases, such as Zambia's debt restructuring.