The leaders of the World Bank and IMF discussed concerns of global debt levels at an event held today at the World Bank Preston Auditorium.
Washington, DC - The leaders of the World Bank and IMF discussed concerns of global debt levels at an event held today at the World Bank Preston Auditorium.
"World Bank and IMF data asserts debt levels and vulnerabilities are at worrying levels," noted Eric LeCompte who leads the religious development coalition, Jubilee USA Network. "It seems impossible for developing countries to raise money for development and simultaneously wrestle with unsustainable debt levels."
The event, "Development and Debt in Lower-income Economies," featured IMF head Kristalina Georgieva and World Bank head David Malpass discussing the challenges with lowering debt loads while attempting to raise money to meet development needs. Recent reports from the World Bank and IMF highlight African countries that benefited from debt relief processes in the past that again face debt crises and high debt levels.
"We urgently need to implement solutions that can get us to sustainable debt levels and prevent the next financial crisis," said LeCompte who serves on United Nation finance expert groups. "We need to muster the political will to implement the international policies that we already rely on for creating stability in our domestic economies. We really need comprehensive debt restructuring and better responsible lending and borrowing policies in the international financial system."