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As many as twelve international locations might default on their loans this 12 months, a senior World Financial institution economist warned in a weblog submit on Monday. Marcello Estevão, the WB’s International Director for Macroeconomics, Commerce and Funding, stated the disaster in Ukraine is a ultimate shock that might nudge many creating international locations into disaster. This follows slowly-building debt crises (see graph) accelerated by the worldwide pandemic.
He acknowledged that the G20’s Debt Service Suspension Initiative (DSSI) has largely failed as a instrument to tide weak economies over. Nonetheless, he insisted that its successor, the Frequent Framework for Debt Remedies “is the one sport on the town,” even though solely three international locations have signed updated.
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