The world is currently seeing a “fifth wave of the debt crisis,” according to World Bank President David Malpass, who called for more assistance for struggling nations.
The International Monetary Fund and the World Bank issued a warning that many of them are at risk due to debt problems brought on by high rates of interest and global inflation.
Malpass told reporters, “I’m concerned about debt levels, I’m concerned about specific countries.
Some developing nations must pay $44 billion in bilateral and private debt service obligations in 2022 alone, which is more than they could possibly get in foreign help, he continued.
World Bank: The debt crisis is entering its sixth wave.
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