The president of the World Bank, David Malpass, called for a practical path out of the stalemate facing the world’s poorest nations. He signaled that one of the central topics at the upcoming spring session would be how to restructure the debts of these vulnerable states in a way that restores economic momentum.
Malpass expressed a desire for a frank conversation about the debt deadlock, stressing that progress requires concrete steps and real commitments. He suggested that debtor countries should initiate the process by submitting an official request to suspend debt service at the outset of the restructuring phase, a move designed to give negotiators room to work toward sustainable terms.
According to the World Bank chief, lenders are currently spending extensive time on pre-agreed issues that should be settled before any deeper talks begin. He emphasized that momentum matters: transparent governance and durable debt levels are essential to sustaining investments that help countries grow and lift people out of poverty.
Kristalina Georgieva, the former managing director of the IMF, weighed in on the broader trend, noting the growing fragility of the global economy amid persistent efforts by central banks to curb inflation. Her assessment underscored how interconnected financial stability and development financing are, and how quickly conditions can shift for the world’s most exposed economies. — attributed to official statements from the IMF and World Bank leadership