The World Bank is ready to do its part in rebuilding Ukraine after the devastation of Russia's invasion, but international financial institutions cannot shoulder the sums involved alone and Western European countries will have to chip in, World Bank President David Malpass said on Tuesday.
China is expected to drop its demand for multilateral development banks to share losses alongside other creditors in sovereign debt restructurings for poor countries, breaking a major roadblock to debt relief, a source familiar with the plans said on Tuesday.
U.S. Treasury Secretary Janet Yellen will push this week for urgent resolution of requests by Zambia and Ghana for restructuring of their sovereign debts, and moves to conclude a debt treatment for Sri Lanka, Treasury said on Monday.
The U.S. government will seek to rally allies this week to ratchet up economic pressure on Russia over its invasion of Ukraine, and shore up support for Kyiv, a top U.S. Treasury official is slated to say on Monday.
The record number of developing nations at risk of a debt crisis will be high on the agenda next week when central bankers, finance ministers and political leaders convene for the World Bank Group and International Monetary Fund (IMF) spring meetings.