The debt profiles, especially of countries in the global south, are rising, with many are now adjudged high-risk countries, keeping investors far from them
’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.
Mr Banga, who recently assumed office as the new president of the World Bank, attended the summit in Paris. In agreement to the arguments made from Thursday morning through Friday, at a press conference, said the toolkit will be comprehensive and address crisis preparedness, response and recovery.The multilateral bank will help governments build advanced emergency systems to respond immediately when an emergency hits.
According to Mr Banga, this approach will enable businesses to sustain operations and protect jobs, building resilience and long-term sustainability. The catastrophe insurance in the World Bank’s lending products will enable insurance premiums and interest to be covered through the generosity of others and give countries recovery resources without adding to their debts.Dan Kunle, a Nigerian energy and business consultant, said Africa needs to see the criteria the World Bank is adopting to grant the reliefs.
For Nigeria to key into this, he said the government needs to rapidly study the World Bank’s criteria for such reliefs and quickly develop a framework to capture the dynamics surrounding climate change and poverty.
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