The World Bank has announced that countries affected by disasters will be able to temporarily suspend loan repayments to the multilateral lender. World Bank President Ajay Banga will outline these measures, including the option to pause repayments and integrate disaster insurance into new loans, during a speech in Paris. Additionally, the World Bank will allow countries to redirect funds to emergency responses in times of crisis. The announcement comes as French President Emmanuel Macron hosts a summit to address the debt burdens of low-income countries and increase climate financing. Nearly 40 heads of state and government are expected to support the push for increased lending by multilateral development banks like the World Bank. The World Bank has not yet responded to requests for comment.
READ: What is the ‘Bridgetown Initiative’ asking for at Paris financial summit?
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