World Bank sees more countries in ‘deep debt distress’ this year – world news

The World Bank governor said on Tuesday that Chad and several other countries are already facing a serious debt crisis and that more countries are expected to join their ranks this year given the seriousness of the global recession triggered by the COVID-19 outbreak.

World Bank Group chairman David Malpath said African oil producer Chad may need to significantly reduce the net present value of debt, and creditors must work with the state to find a viable solution to debt overrun.

Malpass told reporters at a teleconference: “It’s a red alert in some countries. “We need to find a way to adjust the debt burden so we can dramatically reduce the debt burden on people in poor countries.”