David R. Malpass, the departing President of the World Bank, told Bloomberg that, though the World Bank provided super-low interest rate loans to the developing countries facing debt payment challenges, those countries’ debt problems have not been resolved since China refused to restructure their debts.
Over seventy low-income countries accumulated US$326 billion worth of debt in total. Half of these countries, including Zambia, Ethiopia, and Ghana, are already unable to pay their debts or are about to be in that state soon. Zambia’s debt must be restructured (as it could not pay it back following the current terms), Seventy-five percent were from Beijing.
Source: Epoch Times, May 9, 2023