11/21/2020, 8:10 PM (Source: TeleTrader)
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World Bank: G20 must provide enough debt relief

World Bank Group President David Malpass (pictured) warned the Group of 20 (G20) on Saturday that they must provide enough debt relief to some countries to avoid an increase in poverty amid the coronavirus pandemic.

"Debt reduction and transparency will enable productive investment, a key to achieving an earlier, stronger, and more lasting recovery," he said at the G20's 2020 summit. "We need to guard against doing too little now, and then suffering disorderly defaults and repeated debt restructurings as in the 1980s."

Chinese President Xi Jinping and European Council President Charles Michel both expressed their support for the debt moratorium for least-developed countries.

Breaking the News / JR