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The World Bank published a study on Sunday that found 26 of the world’s poorest nations — including Afghanistan, Yemen, Ethiopia, and North Korea — are “in deeper debt than at any other time since 2006.”“Poorer countries did worse than the wealthier economies in responding to the pandemic. Conflict in Europe and the Middle East then disrupted the supplies of foodgrains and fuel,” the report said.
The poorest nations spotlighted by the World Bank are mostly found in sub-Saharan Africa, although a more relevant common denominator might be brutal authoritarian and Marxist governments, often combined with internal strife that makes even minimal humanitarian aid difficult to deliver. “Speeding up the reduction of within-country inequality accelerates progress on poverty reduction. It also builds a stronger foundation for peace and stability,” the report contended.
The World Bank advised the poorest economies to “prioritize long-term growth and better health and education,” while also being “careful to avoid getting locked into carbon-intensive technologies and growth strategies.” “At a time when much of the world simply backed away from the poorest countries, IDA has been their lifeline,” Gill said.
It is curious that the World Bank did not mention Chinese loans as part of the crushing debt burden faced by poor nations because the Wilson Center cited the World Bank as being among the loudest voices warning about China’s debt traps:
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