David Malpass says the next step — haircuts or writedowns — is harder and speed will be a priority this time
The World Bank is looking at ways to reduce the amount of debt owed by poor countries — rather than simply delaying payments — to attract more investors in the wake of the global pandemic and recession, president David Malpass said.
“The next step is harder — agreement to actually do haircuts or writedowns,” Malpass said. “But that has happened in the past; for example in the 1980s in the Latin debt crisis, it got to the point of haircuts, but it took so long that the countries were in deep, deep trouble by the time that happened. So one of the things we’re trying to do is accelerate that so you can get to a good outcome sooner.
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