World Bank head calls for easing debts of poorer countries in light of coronavirus

World Bank President David Malpass on Friday said poorer countries will need debt relief or restructuring so they can fund their fights against the coronavirus pandemic, and said the World Bank would present a debt-relief approach in April.

“Poorer countries will take the hardest hit, especially ones that were already heavily indebted before the crisis,” Malpass said in a teleconference video to the International Monetary and Financial Committee. “But to achieve debt sustainability, many countries will need debt relief. This is the only way they can concentrate any new resources on fighting the pandemic and its economic and social consequences.”