'Clearly, distress in the world's biggest economy would be negative for everyone,' World Bank President David Malpass says on the sidelines of the G7 finance leaders' meeting.
“Clearly, distress in the world’s biggest economy would be negative for everyone,” he told Reuters on the sidelines of the G7 meeting. “The repercussions would be bad to not get it done.”over raising the $31.4-trillion US statutory borrowing cap would be resolved, adding, “There’s clear energy from the US to get it done and that’s stated.”
Malpass said it was urgent to move forward with restructuring the debts of countries that had asked for help, and welcomed “some progress” on Ghana, the fourth country to seek relief under the. Reuters reported on Thursday, May 11, that Ghana’s official creditors are poised to grant financing assurances and form a committee co-chaired by France and China, key steps for the nation to secure a $3-billion International Monetary Fund loan.
that includes China, the world’s largest sovereign creditor, and private sector creditors. A third meeting was now planned in June, he said. Malpass expressed concern about a new deal being finalized by Suriname’s government and international bondholders to restructure nearly $600 million in debt.
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