Poor Countries Debt Situation Can Worsen; Warns World Bank

CAIRO: (Web Desk) World Bank has warned the poor countries that their debt situation can be worsened due to unstable commodity prices and higher interest rates.

According to the World Bank President David Malpass, the poor countries will have to gradually consolidate their fiscal position to maintain investor confidence.

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Malpass said the low-income countries that resume debt service payments will find their fiscal space shrink when the debt service suspension or DSSI initiative expires at the end of this year.

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The WB President stressed accelerated cooperation to implement a G20 debt restructuring framework for poor countries. He said it was time to pursue a gradual and people-oriented fiscal consolidation and to restructure unsustainable debt.