India has called on China to be willing to take losses on loans to struggling economies, and asked the world’s biggest bilateral creditor to help developing countries avoid taking positions that would block relief for nations such as Zambia and Sri Lanka.
The International Monetary Fund, World Bank and India will host an inaugural meeting to deal with global debt issues Friday, bringing together creditors including China with borrowing countries to try to hash out solutions for nations with unsustainable debt levels.
The 75 poorest nations owed their creditors about $326-billion at the end of 2021, World Bank data released in December show. Kant’s comments come after Yellen last week deepened her call for an overhaul of the World Bank, urging the lender to more aggressively extend its balance sheet and to work harder at mobilising private-sector money to help address global challenges like climate change and pandemics.
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