World Bank's Malpass says rate cuts are being used in some debt restructurings
WASHINGTON (Reuters) - World Bank President David Malpass said on Wednesday that some of the poor-country debt restructurings being done under a new G20 framework involve reductions of interest rates, a move that he views as having a major positive impact on debtors' citizens. Malpass told the Reuters Next conference that some developing countries are paying very high interest rates of 6% to 7% on official bilateral debt and debt reduction could provide some relief.
WASHINGTON (Reuters) - World Bank President David Malpass said on Wednesday that some of the poor-country debt restructurings being done under a new G20 framework involve reductions of interest rates, a move that he views as having a major positive impact on debtors' citizens.
Malpass told the Reuters Next conference that some developing countries are paying very high interest rates of 6% to 7% on official bilateral debt and debt reduction could provide some relief.
Malpass also said he hoped that the G20 Debt Service Suspension Initiative (DSSI) could be extended beyond the end of June but could not prejudge this decision.
For more coverage from the Reuters Next conference please click here or http://www.reuters.com/business/reuters-next
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(Reporting by Andrea Shalal and David Lawder; Editing by Chizu Nomiyama)
This story has not been edited by Firstpost staff and is generated by auto-feed.
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