Debt levels among low- and middle-income countries rose sharply in 2021, with China accounting for 66% of lending by official bilateral creditors, World Bank President David Malpass said, underscoring the need to reduce the debt of poorer countries.
The World Bank’s annual report on global debt statistics, due out next month, makes clear that private sector creditors also needed to participate in debt reductions, Mr. Malpass told Reuters in an interview on Friday.
The World Bank, the International Monetary Fund and Western officials have become increasingly vocal about their frustration with China, now the world’s biggest official bilateral creditor, and private sector lenders for not moving forward more quickly. “It shows that the amount of debt grew substantially … and the amount owed to China is some 66% of the total for the official bilateral creditors,” he said, adding that Chinese entities were also big commercial creditors.
IMF and World Bank officials say 25% of emerging market and developing economies are in or near debt distress, and the number rises to 60% for low- and middle-income countries. Climate shocks, interest rate increases and inflation had heightened pressures on economies still recovering from COVID.
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Global debt levels rose 'substantially' in 2021 —World Bank's MalpassDebt levels among low- and middle-income countries rose sharply in 2021, with China accounting for 66% of lending by official bilateral creditors, World Bank President David Malpass said, underscoring the need to reduce the debt of poorer countries.
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