Severe debt burdens thwarting progress on climate and poverty, says World Bank

Bank’s new president Ajay Banga urges faster action on providing debt relief but says there is no ‘magic wand’

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Reducing poverty and hitting global net zero goals are being hindered by the severe debt burdens on poor countries, the president of the World Bank has said, amid growing concern that high interest rates could cause dozens of countries to default.

Ajay Banga, the new head of the Washington-based body, urged faster progress in providing debt relief but said there was no “magic wand” that could be waved to make the problem go away, at a press conference at the Bank’s annual meeting in Marrakech.