WorldWorld Bank: Debt of low-income countries to reach $860 billion in 2020

World Bank: Debt of low-income countries to reach $860 billion in 2020


World Bank, International Debt Statistics Reportpublished the .

Reminding that governments responded to the new type of coronavirus (Covid-19) epidemic with huge financial, monetary and financial incentive packages, it was stated that these measures aimed to respond to the health emergency, reduce the impact of the epidemic and put countries on the path of recovery, while increasing the debt burden of low-income countries.

The debt of low-income countries rose 12 percent in 2020 to a record $860 billion, the report said.

In the report, which stated that even before the epidemic, many low and middle-income countries were in a vulnerable position with slowing economic growth and high levels of public and external debt, the external debt stocks of low and middle-income countries increased by 5.3 percent in 2020 to reach 8.7 trillion dollars. place was given.

World Bank President David Malpass, in his assessment of the issue, stated that there is a need for a comprehensive approach to the debt problem, including debt reduction, restructuring and transparency.

“Sustainable debt levels are vital to economic recovery and poverty reduction,” Malpass said. used the phrase.

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