ROME, Oct 31 — World Bank President David Malpass on Saturday called on leaders of the Group of 20 rich nations to speed up work on debt restructuring for low-income countries, including a freeze on debt payments and mandatory participation of private creditors.
G20 leaders pledged to step up their efforts to implement the Common Framework on Debt Treatments and stressed the importance of private-sector participation, but failed to include any language on a new debt standstill, according to the text of their communique, which was seen by Reuters. Malpass, who this month called for adding a freeze in debt-service payments to the Common Framework, said developing nations face problems disrupting economic recovery including the Covid-19 pandemic and the scarcity of vaccines, as well as inflation, energy shortages and a breakdown of the supply chain.
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