, noting that some developing countries were paying very high interest rates of 6% to 7% on official bilateral debt.
"It's been frustrating that the private sector has looked at the COVID crisis and said, 'Let's try to get as many payments from the poorer countries as we can during this crisis,'" said Malpass, a former chief economist for Bear Stearns and former senior United States Treasury official. "It can only work if the private sector begins to come up with techniques for participation," he said, adding that the World Bank was pushing to use its own funding to help countries hire lawyers and buy back debt at a deep discount.
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