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Martin Raiser, the World Bank's country director for China, has highlighted the need for countries to work harder on providing debt relief to countries faced with unsustainable debts given the unprecedented economic pressures heightened by the COVID-19 pandemic.
"The world is facing a new wave of debt, which had been building even before the pandemic," he said in a recent exclusive interview to China Daily.
He noted that between 2013 and 2019 the share of economies which, according to the World Bank's assessment, faced a high risk of debt distress increased from 24 percent to 51 percent. The pandemic has caused this share to rise further to 56 percent. "Many countries now face unsustainable debt levels," he warned.
The debt service suspension initiative, agreed by the G20 following a joint call by World Bank Group President David Malpass and International Monetary Fund Managing Director Kristalina Georgieva in Spring last year, has offered important short term liquidity relief, but "it cannot deal with fundamental issues of debt sustainability", he added.
"Further action, including net present value reductions in the debt burden of the most vulnerable countries is needed. Because a country's debt is often held by multiple creditors, debt relief requires coordination," he said.
When it comes to achieving benefits for all, China has at various international meetings urged countries to employ such means as debt suspension and development aid to help developing countries, particularly vulnerable ones facing exceptional difficulties.
Raiser noted that the G20 agreed to a Common Framework last year to facilitate coordination among official creditors.
"China has joined and supported this effort, which is very welcome," he said.
He warned that "progress in reaching agreement has been slow, and the risk is that coordination takes too long and high debt payments divert resources from essential services, thus delaying recovery from the pandemic shock".
According to Raiser, for the poorest and most vulnerable countries "concessional funding will continue to be key".
"This is why the World Bank Group has called for an early and ambitious replenishment of the International Development Association, our concessional fund for low income countries.
"China is the 6th largest contributor to IDA. China has signaled continued strong support for IDA. This will make a critical contribution to the needs of the low income countries at this time," he said.