Alongside the IMF’s annual spring meetings with the World Bank in Washington, DC, finance ministers and central bank governors (FMCBG) of the Group of Twenty, or G20, will meet on 12-13 April. In January, the World Bank lowered its 2023 growth forecast for the global economy to just 1.7 percent, down from 3 percent. Last December, the World Bank estimated that low-income countries would face $62bn in external debt servicing this year, a 35 percent annual rise. China, meanwhile, has challenged multilateral lenders such as the IMF and World Bank for not accepting haircuts on their loans. Still, Persaud sees this year’s leadership change at the World Bank as “positive”.

Source: News 24 April 11, 2023 23:37 UTC