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World Bank demands faster G20 debt relief as poor nations squeezed

Tuesday, January 11, 2022
World Bank demands faster G20 debt relief as poor nations squeezed

By Karin Strohecker

LONDON (Reuters) - Poorer developing nations are likely to need faster G20 debt relief, the World Bank said on Tuesday, as an increasing number face being squeezed by rising indebtedness and slowing growth.

The pandemic-induced recession in 2020 left half of low-income countries in or at high risk of debt distress, the World Bank said in its latest Global Economic Prospects report.

Debt levels in emerging market and developing economies had risen at the fastest pace in three decades, the report said, and while growth in low income economies is projected to strengthen in 2022 to 4.9% and in 2023 to 5.9%, income per capita is forecast to remain below pre-pandemic levels this year in half of them.

"It is likely that further debt relief will be needed if growth remains subdued and the global community will need to stand ready to provide this in an equitable but efficient way," the World Bank's report concluded.

The G20 common framework, launched in November 2020, aims to provide debt relief chiefly through maturity extensions and interest rate reductions for countries eligible for repayment moratoriums under the Debt Service Suspension Initiative (DSSI).

However, progress has been sluggish.

"The framework needs to provide faster debt relief to be effective — the first country that requested treatment under the Framework made the request in January 2021 and the process has yet to be completed," the report said.

Formalising implementation with a clear timeline and transparent rules could help speed up the process, while debtor countries ought to implement policies to shore up fiscal frameworks and increase debt transparency, the World Bank said.

High and rising debt levels also meant markets and institutions were increasingly vulnerable to financial stress, especially in countries where weak fiscal positions and high sovereign debt left much less scope for an effective response.

The World Bank highlighted China, where financial stress could trigger a disorderly deleveraging of the property sector https://www.reuters.com/markets/rates-bonds/chinas-shimao-says-it-has-no-deal-sell-shanghai-plaza-shares-slump-2022-01-11.

"A turbulent deleveraging episode could cause a prolonged downturn in the real estate sector, with significant economy-wide spillovers through lower house prices, reduced household wealth, and plummeting local government revenues," it said.

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21-01-2022 03:32:17 (UTC+7)

EUR/USD

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 EUR/USD1.1340↑ Buy
 GBP/USD1.3564Sell
 USD/JPY113.94↑ Buy
 AUD/USD0.7190Neutral
 USD/CAD1.2531Neutral
 EUR/JPY129.21↑ Buy
 EUR/CHF1.0367Buy
 Gold1,833.05Neutral
 Silver24.420Sell
 Copper4.5245↑ Sell
 Crude Oil WTI83.61Sell
 Brent Oil86.57Sell
 Natural Gas3.935↑ Buy
 US Coffee C242.75↑ Sell
 Euro Stoxx 504,231.05Neutral
 S&P 5004,482.73↑ Sell
 DAX15,673.27Neutral
 FTSE 1007,499.87↑ Sell
 Hang Seng24,897.87Neutral
 Small Cap 20002,024.04↑ Sell
 IBEX 358,660.50↑ Sell
 BASF66.365Sell
 Bayer51.88↑ Sell
 Allianz221.88↑ Sell
 Adidas253.90Buy
 Lufthansa6.962Neutral
 Siemens AG145.56Buy
 Deutsche Bank AG11.531Neutral
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,120/ 6,160
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SJC Nhatrang6,115/ 6,177
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