World Bank demands "radical" debt transparency to prevent crises
Kyiv • UNN
The World Bank calls for "radical" debt transparency for developing countries and their creditors. This is necessary to prevent future crises, as hidden debt can lead to depleted financing and worsening conditions.
There must be clearer debt transparency, and this is a prerequisite for preventing future crises. UNN reports with reference to Reuters.
Details
The World Bank calls for "radical" debt transparency for developing countries. This also applies to their creditors. The call aims to create conditions that would help "prevent future crises." This is stated in a report published by The World Bank on Friday.
It emphasizes the need to "expand the depth and detail of information that sovereign countries disclose regarding new loans." This is because complex off-budget borrowing arrangements have become more frequent due to global market turmoil.
When hidden debt surfaces, funding dries up and conditions deteriorate
He added that "radical debt transparency is a prerequisite for success."
Radical debt transparency, which makes timely and reliable information available, is fundamental to breaking this cycle
Recall
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