The coronavirus pandemic may have driven as many as 100 million people back into extreme poverty, World Bank President David Malpass warned.
"The debt vulnerabilities are high, and the imperative of getting light at the end of the tunnel so that new investors can come in is substantial," Malpass said.
Advanced economies in the Group of 20 already have committed to suspending debt payments from the poorest nations through the end of the year, and there is growing support for extending that moratorium into next year amid a pandemic that's killed nearly 800,000 people and sickened more than 25 million worldwide.
"The most important thing the advanced economies do for the developing countries is supply markets... start growing, and start reopening markets."
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
World Bank looking to trim poor nations’ debt stock fasterDavid Malpass says the next step — haircuts or writedowns — is harder and speed will be a priority this time
Read more »
World of commodities a China/rest of world split, clearly shown by BHP and Rio’s resultsThe risk for Rio Tinto is that it becomes a one-trick pony, as iron ore accounted for 96% of its underlying earnings in the first half
Read more »
World of commodities a China/rest of world split, clearly shown by BHP and Rio’s resultsThe risk for Rio Tinto is that it becomes a one-trick pony, as iron ore accounted for 96% of its underlying earnings in the first half
Read more »
Standard Bank profits fall as customers struggle to pay debtsCovid-19 has weighed on the group, with credit impairment charges rising 2.7 times to R11.3bn to end-June
Read more »
Development Bank SA isolation pods donation boosts Eastern Cape fight against Covid-19 | CitypressThe Eastern Cape health department got a shot in the arm on Thursday in its effort to fight the spread of the Covid-19 coronavirus in the province when it received 110 isolation pods donated by the Development Bank of Southern Africa.
Read more »
Reserve Bank steps back from debate on nationalisationGovernor Lesetja Kganyago says the issue is a distraction, and is leaving it to the politicians
Read more »