The Pandemic Debt Crisis Was Only Delayed, Not Solved

A woman walks past the World Bank building in Washington, April 5, 2021 (AP photo by Andrew Harnik).
A woman walks past the World Bank building in Washington, April 5, 2021 (AP photo by Andrew Harnik).
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In mid-February, the World Bank issued a warning: Many low-income countries hit hardest by the pandemic are now on the brink of serious debt crisis, complicating the global economic recovery from the COVID-19 pandemic. While worries about the accumulated burden of sovereign debt and the possibility of a debt crisis have been present for years, the pandemic has exacerbated an already precarious situation for many low-income countries, revealing fundamental flaws in the current architecture for sovereign debt restructuring. These flaws are likely to become more evident in 2022, as Russia’s invasion of Ukraine contributes to higher global energy and food prices, […]

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