World Bank called for waiver of loans from poor countries
Sunbd Desk || Published: 2020-10-06 01:50:44 || Updated: 2020-10-06 01:50:44
The biggest crisis in the world today is caused by the coronavirus. Millions of people have lost their jobs due to lockdowns and restrictions in different countries. Many rich people also have to sit on the road due to job loss or business closure.
The coronavirus has wreaked havoc on economies around the world. Many countries are already plagued by debt. That is why the World Bank has called for waiver of loans to poor countries or some relaxation in this regard.
The company’s president, David Malpas, said in a statement that various investors must be flexible towards some of the poorest countries. In order to give some relief to these countries, they have to be prepared to give various benefits including debt waiver.
In an interview with Handelsblatt, a business daily, on Sunday, Malpas said it proved that several countries were unable to repay the loans they had taken. It will be very difficult for them to repay these loans now.
He added that the most important thing now is to reduce these debts through restructuring. He had earlier said that such steps were taken in the financial crisis.
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