By AFP More by this AuthorWashington,Warning that a true economic recovery from the global coronavirus pandemic remains "in the distant future," a top World Bank official on Friday urged G20 nations to extend debt relief for the poorest nations. Cautioning policy makers not to "confuse rebound with recovery," newly-installed World Bank chief economist Carmen Reinhart called for an extension to the existing debt moratorium. G20 finance ministers are set to hold a virtual meeting Saturday, and are expected to discuss the status of the debt relief initiative. She called the initial step "useful" but said, "Sadly, that step hasn't gone as far as it has been hoped. While output has bounced back, that "is not the same as true recovery" which remains "in the distant future."

Source: Daily Nation July 17, 2020 17:03 UTC