Exposed: World Bank To Offer Repayment ‘Pause’ To Crisis-Hit Nations
World Bank To Offer Repayment ‘Pause’ To Crisis-Hit Nations
The head of the World Bank said Thursday that the lender planned to introduce a “pause” mechanism for debtor countries in the event of them being hit by a crisis.
Ajay Banga told a summit on financing the fight against climate change that the multilateral lender would adopt a new approach that “significantly expands the World Bank’s toolkit.”
The most important measure would be offering “a pause on debt repayments so countries can focus on what matters when a crisis hits and stop worrying about the bill that is going come,” he added.
The idea has been promoted by the prime minister of Barbados, Mia Mottley, who has become a leading champion for low-income countries as well as fellow low-lyin...