{"id":23177,"date":"2022-05-20T20:16:03","date_gmt":"2022-05-20T20:16:03","guid":{"rendered":"https:\/\/www.africa-press.net\/zambia\/all-news\/world-bank-chief-david-malpass-accuses-china-of-delaying-zambias-debt-restructuring-process-2"},"modified":"2022-05-20T20:21:51","modified_gmt":"2022-05-20T20:21:51","slug":"world-bank-chief-david-malpass-accuses-china-of-delaying-zambias-debt-restructuring-process-2","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zambia\/all-news\/world-bank-chief-david-malpass-accuses-china-of-delaying-zambias-debt-restructuring-process-2","title":{"rendered":"World Bank Chief David Malpass accuses China of delaying Zambia\u2019s debt restructuring process"},"content":{"rendered":"

Africa-Press – Zambia. <\/strong><\/span>President of the World Bank David Malpass has accused China of delaying the debt restructuring process for Zambia. And Mr. Malpaas has called for a new process for restructuring debt burdens for developing nations amid concerns about a lack of transparency over how much they owe to China.<\/p>\n

Mr. Malpass said on Bloomberg Television\u2019s Surveillance Tuesday that it is important for China to get on board for Zambia\u2019s debt talks to move forward.<\/p>\n

He said it is in China\u2019s interests to have an improved system, given the prominence of their lending, and noted that Beijing is interested in participating.<\/p>\n

\u201cBut the system has been one where \u2014 that has allowed transparency to go down and down.\u201d<\/p>\n

\u201cIn many cases, there are non-disclosure clauses in the debt contracts that leave it unclear\u201d that payments are being made \u201coften times to China,\u201d Mr. Malpass said.<\/p>\n

\u201cThe devil is in the details.\u201d Mr. Malpass noted that China remains outside of the Paris Club, the main institution where debt-restructuring talks occur. The Group of 20 is making \u201csome progress\u201d in trying to broaden that out, he said. G-20 finance chiefs were scheduled to meet later Wednesday.<\/p>\n

Among the issues Malpass listed was some countries delaying addressing debt problems until a point of crisis, such as \u2014 in the case of Sri Lanka \u2014 the need to pay for food.<\/p>\n

There\u2019s also an imbalance between what the poorest countries are expected to pay \u2014 some $35 billion of debt service this year alone \u2014 versus the fresh foreign-aid flows that are coming in, Malpass said.<\/p>\n

Among the issues discussed at the Wednesday IMFC session was a call for China to convene a creditors\u2019 committee for Zambia. \u201cThat would be a very helpful step\u201d given how Zambia stopped paying creditors about a year ago, but lacks any pathway to debt resolution now, Mr. Malpass said.<\/p>\n

\u201cThe world needs to have a resolution process for debt that\u2019s more robust than we have right now and starts earlier,.\u201d<\/p>\n

\u201cThere really needs to be a change,\u201d he said. \u201cThe world was set up under the old debt composition, where China wasn\u2019t a big player,\u201d he said.<\/p>\n

The International Monetary and Financial Committee, the main steering panel of the IMF\u2019s member countries, \u201cheavily\u201d discussed the subject of debt resolution at a session on Wednesday morning, Mr. Malpass said.<\/p>\n

The meeting is one of a slew that are part of the spring meetings of the World Bank and International Monetary Fund this week in Washington. \u201cIt\u2019s not all transparent as far as what the amounts are\u201d that are owed to China, Mr. Malpass said.<\/p>\n

As far as official, government-to-government lending goes \u2014 a category that excludes categories such as private-sector bank credit \u2014 China now makes up 65% of the total, Mr. Malpass said.<\/p>\n

The World Bank chief said \u201cwe\u2019re working to avoid\u201d the circumstance where assistance being sent to developing nations simply gets onpassed to China in the form of debt servicing.<\/p>\n

For More News And Analysis About Zambia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zambia. President of the World Bank David Malpass has accused China of delaying the debt restructuring process for Zambia. And Mr. Malpaas has called for a new process for restructuring debt burdens for developing nations amid concerns about a lack of transparency over how much they owe to China. Mr. Malpass said on […]<\/p>\n","protected":false},"author":84,"featured_media":23175,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,8,9,16],"tags":[234,235,233],"class_list":["post-23177","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-homepage-english","category-miscellaneous","category-twitter","tag-africa-press","tag-africa-press-zambia","tag-zambia"],"yoast_head":"\nWorld Bank Chief David Malpass accuses China of delaying Zambia\u2019s debt restructuring process - Zambia<\/title>\n<meta name=\"description\" content=\"President of the World Bank David Malpass has accused China of delaying the debt restructuring process for Zambia. 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