World Bank Chief Economist Gill calls for new approaches to … – Reuters.com

WASHINGTON, April 25 (Reuters) – World Bank Chief Economist Indermit Gill is calling for new approaches to address the mounting debt crisis facing many countries, including steps to factor domestic borrowing into assessment of a country’s debt sustainability.

Gill told Reuters the Common Framework set up by the Group of 20 major economies to help the poorest countries had resulted in only glacial progress because it did not account for 61% of developing countries’ external debt held by private creditors, a far larger share than decades ago.

Only four countries – Zambia, Chad, Ethiopia and Ghana – have applied for relief under the G20 mechanism set up in late 2020 at the height of the COVID-19 pandemic, although the International Monetary…

Read the full article at: https://www.reuters.com/markets/world-bank-chief-economist-gill-calls-new-approaches-address-debt-crisis-2023-04-25/