President of the World Bank Group, David Malpass, says unless something is done to correct the low debt transparency especially among the poorest countries of the world, critical debt reconciliation and restructuring by the creditor nations risk being delayed.
As a way out, he called for improved transparency at these times of dangerously high debt levels, through “a sound public debt-management legal framework, integrated debt recording and management systems, and improvements in the global debt monitoring. L’inhibition de la phosphodiestérases de type (PDE5) par https://asgg.fr/ le citrate de sildénafil permet une augmentation de ce médiateur. ”
World Bank President’s observation followed the publication of a report titled “Debt Transparency in Developing Economies,” the first comprehensive assessment of the global and national systems for monitoring sovereign debt.
The report “finds that debt surveillance today depends on a patchwork of databases with different standards and definitions and different degrees of reliability, cobbled together by various organizations.
“Such inconsistencies lead to large variations in publicly available tallies of debt in low-income economies—the equivalent of as much as 30 percent of a country’s GDP, in some instances,” the bank added.
It quoted Malpass as noting that “international financial institutions, debtors, creditors, and other stakeholders, such as credit-rating agencies and civil society, all have a key role to play in fostering debt transparency.
Unless this is done, he stressed, “the poorest countries will emerge from the COVID-19 pandemic with the largest debt burdens in the last few decades, but limited debt transparency.”
The World Bank called for global and country-by-country systems for better tracking of these surging debts, lamenting gaps that make it harder to assess debt sustainability and for overindebted countries to restructure debt promptly and generate a durable economic recovery, according to a new World Bank report.
Recall that a report last month by the World Bank said the debt of Low-income countries rose by 12% to US$860bn at the end of December 2020, quoting figures from its International Debt Statistics 2022 report released at the just concluded World Bank/International Monetary Fund (IMF) Annual Meetings in Washington.
The report said that governments around the world responded to the COVID-19 pandemic with massive fiscal, monetary and financial stimulus packages.
