The global development lenders, the International Monetary Fund and World Bank, are calling for more transparency about loan amounts and terms, and cautioning governments against relying too much on debt. “Both the bank and the IMF are working together in order to bring about more transparency and be better able to identify debt out there, terms and conditions, volumes and maturities,” she said at a news briefing. “We are constantly encouraging both borrowers and lenders to align as much as possible with the debt principles” set by international organizations such as the Paris Club and Group of 20. An IMF report issued this week warned that rising debt levels around the world — government and corporate borrowing — poses a risk to the global economy. “This is critical for poor countries as they try to move forward to have the projects associated with good quality programs and full disclosure of the debt.”China also has a growing role as a donor to the World Bank fund that provides low-cost loans to the poorest countries.

Source: Pakistan Today April 11, 2019 18:11 UTC