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WASHINGTON, Nov.21 (Xinhua) – World Bank Group President David Malpass said on Saturday that he is very pleased to see the progress the Group of 20 (G20) has made on transparency and debt relief. .
“These are important and positive steps for development, and I have been pleased to see constructive responses from major creditors,” Malpass told the G20 summit hosted by Saudi Arabia via videoconference from November 21-22.
The G20 approved the Debt Service Suspension Initiative (DSSI) in April to help the poorest countries in response to the COVID-19 pandemic. The DSSI was extended in October for a further six months.
Last week, the G20 finance ministers and central bank governors pledged to engage with the DSSI in close coordination, saying that maximum support would be provided to countries eligible for the DSSI.
Chinese President Xi Jinping said on Saturday that the country supports the G20 decision on the extension of the DSSI and will continue to fully implement it together with other parties.
“President Xi’s commitments and last week’s announcements are helpful and welcome,” Malpass said at the virtual summit.
“Debt reduction and transparency will enable productive investment, key to achieving an earlier, stronger and longer-lasting recovery,” said the World Bank director, adding that “more needs to be done.”
Malpass noted that debt challenges are becoming more prevalent, including in Chad, Angola, Ethiopia and Zambia where, in the absence of more permanent debt relief, “the outlook for poverty remains bleak.”
“We have to avoid doing too little now and then suffering disorderly defaults and repeated debt restructurings like in the 1980s,” he said. Final product
