The World Bank is pushing for “radical” debt transparency from developing countries to prevent future financial crises, warning that hidden debts are fueling instability.
With many low-income countries resorting to complex, off-budget borrowing in a volatile global market, the Bank warns that lack of transparency can lead to financing freezes and worsening terms. Senior managing director Axel van Trotsenburg emphasized that “radical debt transparency” is key to breaking the debt-crisis cycle.
The Bank is urging legal reforms to require the disclosure of detailed, loan-by-loan data, public release of restructuring terms, and regular audits. While more countries are now reporting some debt information, only 25% share loan-level details.Countries such as Senegal, Cameroon, Gabon, Angola, and Nigeria have utilized less transparent financial arrangements, underscoring the need for improved debt reporting standards.
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