The President of the World Bank, David Malpass, stressed that China is in a stalemate on the issue of debt restructuring owed to it by developing countries in distress even after the lender fighting poverty around the world made additional efforts to provide very low-interest loans and grants to those countries.
The President of the World Bank added: “On the part of China, they are working to try to bring all of those countries’ creditors together in a coordinated position, but there is still a stalemate regarding progress.”
Malpass said that participants in the round table with IMF were planning to hold a symposium to solve persistent problems. China, the largest sovereign lender of poor countries, has not yet indicated its willingness to bear losses on loans, and technical aspects of the net present value must be discussed with the country, such as the long-term rescheduling of debt payments.
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