The World Bank’s President Ajay Banga on Friday said the bank would create a catastrophe toolkit in response to calls for a reform in the global financial architecture.
The debt profiles, especially of countries in the global south, are rising, with many now adjudged high-risk countries, keeping investors far from them. Most of these countries are also the worst hit by climate change. To cater to their disaster-prone population and communities, they continue borrowing at ridiculous interest rates.
Addressing these debts is one of the many development questions that brought about the just concluded summit for a new financial pact and a transformation of the Bretton Wood initiative, which birthed the World Bank.
